Public funding for royals triples since 2012 because of Palace works
Summary
The amount of public money given to the UK's Royal Household has tripled since 2012, mainly due to repair and building work on Buckingham Palace. The Sovereign Grant increased from £31 million in 2012 to £132 million in 2023, adjusted for inflation.Key Facts
- The Sovereign Grant was established in 2012 to fund the monarchy, starting at £31 million per year.
- By 2023, this grant increased to £132 million, with adjustments for inflation showing it tripled in real terms.
- The main reason for the increase is a large renovation project at Buckingham Palace.
- The renovation project at the palace includes upgrades to cabling, plumbing, wiring, and lifts, costing £369 million over ten years.
- A temporary rise in the grant was approved to fund these renovations, with anticipated reductions after 2027.
- Before the Sovereign Grant, the monarchy was funded by a mix of grants and government department spending.
- Inflation calculations by the Bank of England confirm the significant increase in grant value since 2012.
- Royal aides argue that despite the increase, the grant still represents good value, and its level will drop once renovations are completed.
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