Royal costs rise in British monarch’s first year on throne

The annual financial report of King Charles III’s household revealed on Thursday that the expense of Britain’s royal family to the UK tax payer increased by 5% over the previous year.

Royal aides attribute the increase in spending to the change of rulers following Queen Elizabeth II’s death in September 2022 and the ascension of her son Charles in May of this year.

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The financial report does not cover the costs of Elizabeth’s funeral or Charles’ coronation.

A 10-year program of upgrades to electrical wiring, plumbing, and heating at Buckingham Palace, the monarch’s formal residence, is another major generator of spending.

The net expenditure amount climbed by o5.1 million ($6.4 million), or 5%, to o107.5 million for 2022-3.

The amount received by the royal family from the public purse through the Sovereign Grant remained steady at o86.3 million in 2022-3.

Travel spending fell by o600,000 to o3.9 million, but housekeeping and hospitality increased by o1.3 million to o2.4 million.

Property upkeep was reduced by 6.1 million to 57.8 million.

Staff costs increased by 3.4 million to 27.1 million, with a 5.6 percent salary increase.

The study also revealed that the royal household has failed to fulfill its 2021 diversity target of pulling 10% of its personnel from ethnic minorities, with the 2023 figure of 9.7 percent remaining unchanged from last year.

The Sovereign Grant covers the monarch’s formal tasks as well as the upkeep of royal palaces.

The United Kingdom is currently experiencing a cost-of-living problem, with inflation reaching 8.7 percent last month.

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