This is how much the UK royal family spends in a year? Very much | World news
The UK royal family’s expenses rose 5 per cent last year, the annual accounts for 2022-23 released by Buckingham Palace show. This comes as the taxpayer’s contribution to official royal expenditure remained unchanged at GBP 86.3 million, it showed. The palace said this year’s accounts cover a period of “significant change” as King Charles III acceded to the throne following the death of his mother Elizabeth II in September last year.
This year’s announcement covers a period of significant change for the royal family, featuring the Platinum Jubilee and State Funeral of Queen Elizabeth II, the coronation, the lead-up to Their Majesties’ Coronation, and the gathering of officials from the two. houses,” Buckingham Palace said.
“The total Sovereign Grant for 2022-23, is GBP 86.3 million, of which the basic grant of GBP 51.8 million funds official travel, property maintenance and operational costs of the Royal Family,” he said. .
Where does the royal family get money from?
The royal family receives an annual income-tax allowance, which is estimated to be equivalent to GBP 1.29 per person in the UK. In addition, income from royal investments and property to supplement the Sovereign Grant was GBP 9.8 million last year.
“Like other parties, the Royal House is not immune to the effects of the combined challenges of the pandemic and additional pressures, which have resulted in a flat royal gift. The figure for the year was unchanged at GBP 86.3 million, including the significant allocation of Buckingham Palace’s conservation funding, which is now in its seventh year. This figure will remain unchanged at GBP 86.3 million for 2023-24,” said Sir Michael Stevens, the Privy Purser.
