By The Nexus Gazette.
LONDON — King Charles III’s monarchy is set to receive a substantial pay rise, totaling more than £45 million ($60 million), with an impressive 53% increase in its official annual income. This development comes as Britain faces a spiraling cost of living crisis.
The Sovereign Grant, which funds royal spending, will surge from over £86 million ($110 million) in 2024-25 to approximately £132 million ($170 million) in 2025-26. This boost is largely due to increased profits from the Crown Estate, a vast collection of land and property across the U.K. The Crown Estate, independently run and holding assets worth billions of pounds, includes some of London’s most valuable real estate.
Funded by taxpayers, the Sovereign Grant supports the official duties of the monarch, official travel, thousands of engagements, staff for working royals, and the maintenance of occupied palaces. Notably, part of this funding increase will contribute to the final stages of a 10-year, £369 million ($475 million) “reservicing” project at Buckingham Palace, which is now in its eighth year.
King Charles III has also taken steps toward sustainability. He installed solar panels at Windsor Castle and increased the use of sustainable aviation fuel for royal flights. Additionally, the royal household will soon receive two new helicopters to replace aging aircraft, crucial for delivering engagements by His Majesty and other members of the Royal Family.
The Sovereign Grant undergoes review every five years, and legislation in 2026-27 will determine funding levels for the royal family. In addition to the Sovereign Grant, King Charles receives income via the Privy Purse from the Duchy of Lancaster, a landed estate. Meanwhile, the Prince of Wales receives the net profits from the Duchy of Cornwall.
As the U.K. grapples with economic challenges, this significant pay raise for the monarchy raises questions about priorities and public sentiment. The balance between tradition, financial responsibility, and societal needs remains a topic of debate.
Resources:
1.https://www.yahoo.com/news/king-charles-monarchy-gets-60m-124647422.html
2.https://abcnews.go.com/GMA/Culture/king-charles-gets-60m-pay-raise-prince-william/story?id=112232625
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