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This is how much UK royal family spent in one year? Quite a lot
The palace said this year’s accounts cover a period of “significant transition” as King Charles III acceded to the throne.
The expenditure of the UK’s royal household rose 5 per cent last year, annual accounts for 2022-23 released by Buckingham Palace showed. This comes as the taxpayer funding towards official royal expenses remained unchanged at GBP 86.3, it showed. The palace said this year’s accounts cover a period of “significant transition” as King Charles III acceded to the throne after the passing away of his mother Elizabeth II in September last year.
“This year’s statement covers a period of significant transition for the royal household, reflecting the Platinum Jubilee and State Funeral of Queen Elizabeth II, the accession of the King, the lead up to Their Majesties’ Coronation, and the coming together of staff from two households,” Buckingham Palace said.
“The total Sovereign Grant for 2022-23, amounted to GBP 86.3 million, which is made up of a core grant of GBP 51.8 million which funds official travel, property maintenance and the operating costs of the Sovereign’s household,” it said.
Where does the royal family gets money from?
The royal household receives annual taxpayer-funded Sovereign Grant, which has been calculated to be the equivalent of GBP 1.29 per person in the UK. Additionally, income earned through royal investments and property to supplement the Sovereign Grant was GBP 9.8 million last year.
“Like other organisations, the Royal Household has not been immune to the impacts of the joint challenges of the pandemic and inflationary pressures, which have resulted in a flat Sovereign Grant. The figure for the year remained unchanged at GBP 86.3 million, with a significant proportion funding the reservicing of Buckingham Palace, which is now in its seventh year. This figure will remain unchanged at GBP 86.3 million for the year 2023-24,” Sir Michael Stevens, the Keeper of the Privy Purse, said.
