British Monarchy - British royals can rejoice over money blessings
Good news for Charles and Co.: The British royals can look forward to a substantial financial windfall next year. According to the Press Association, the amount allocated to the King (75) and his family for the performance of their duties will increase by 45 million pounds to 130 million pounds (approximately 155 million Euro).
The background to this is the significant increase in revenues from the so-called "Crown Estate," which consists of a portfolio of land and property holdings, as well as the rights to the economic exploitation of the seabed around the British coastline.
Royals profit from Offshore-Wind Farms
Revenues from these sources fund the "Sovereign Grant," a pot from which the British royals maintain their residences and finance official overseas trips.
Recently, the significant expansion of offshore wind farms in the North Sea has brought in substantial sums. The share allocated to the royals was recently reduced to twelve percent. Nevertheless, the amount they have at their disposal is increasing.
Two Helicopters on the Shopping List
The additional funds will primarily flow into the ongoing renovation of Buckingham Palace, according to the Palace.
Already on the shopping list for this tax year (ends April 2025) are two new AgustaWestland AW139 helicopters, which the royals plan to use for their numerous official engagements. They will replace two aging Sikorsky helicopters.
For the eco-conscious King, it was reportedly important that the new helicopters could be operated with sustainable jet fuel.
Flights will not be reduced for the sake of the environment, however, or else the investment would not pay off, a palace spokesperson said. The two Bentleys of the Monarch are also to be converted to run on biofuel.
Coronation cost the Palace 800,000 pounds
Besides running costs, there were several larger expenses in the previous tax year. The coronation of King Charles and Queen Camilla (77) cost the Palace 800,000 pounds (around 950,000 Euro) - security costs for the police and military participation not included.
Foreign visits also added up: The most expensive for the British taxpayer was the state visit of the King and Queen to Kenya. For charter flights and other expenses, over 166,000 pounds (nearly 200,000 Euro) were paid. The visit of the King and Queen to France cost 118,000 pounds (around 140,000 Euro). In October, the King and Queen are planning to travel to Australia and Samoa.
Monarchy critics criticize price-performance ratio
The CEO of the monarch-critical organization Republic, Graham Smith, lamented that the true costs for the Royal Family were much higher than the now published annual report of the Sovereign Grants suggested. He estimated that the taxpayer pays approximately 345 million pounds (410 million Euro) per year for the Royals.
In the calculation were included the money the Royals earn through other portfolios and their private assets, as well as the high security costs.
"For comparison: The Irish President costs four million Euro. A fraction of the costs for someone who does a similar job but is elected and accountable," Smith was quoted as saying in a statement.
A palace spokesperson hinted that the share of the Crown Estate allocated to the Palace should be further reduced to reach a "reasonable" level.
Meghan and Harry's former residence still empty
To the many details that came to light with the publication of the "Sovereign-Grant" Report, it was noted that the residence of Prince Harry (39) and Duchess Meghan (42) at Windsor Castle still remains empty.
The pair were moved out of "Frogmore Cottage" - as the building is called - over a year ago. They had previously repaid the costs for its renovation.
Harry and Meghan had distanced themselves from the inner circle of the Royal Family about four years ago. Their relationship with the rest of the Royal Family is reportedly strained. They now live with their children, Prince Archie (5) and Princess Lilibet (3), in the US state of California.
- The substantial increase in revenues for Charles III and his family is largely due to the profits from Offshore-Wind Farms located in the North Sea.
- The British monarchy is set to receive an additional 45 million pounds due to the increased earnings from the Crown Estate, predominantly from Offshore Wind Farms.
- Graham Smith, the CEO of the monarch-critical organization Republic, criticized the price-performance ratio of the Royal Family, suggesting that they cost the taxpayer around 345 million pounds annually.
- Two new AgustaWestland AW139 helicopters, known for their sustainability, will be acquired by the Royal Family for official engagements, replacing aging Sikorsky helicopters.
- The current King Charles III and Queen Camilla had various expensive trips, with the state visit to Kenya being the most costly, totaling over 166,000 pounds.
- Despite the criticism, a palace spokesperson suggested that the share of the Crown Estate allocated to the Palace should be further reduced to achieve a "reasonable" level, considering the financial contribution of the Monarchy to the United Kingdom.
- Meghan Markle and Prince Harry's former residence at Windsor Castle, Frogmore Cottage, remains empty, despite their departure more than a year ago and repayment of its renovation costs.
