According to the annual royal finance report published on Thursday, spending by the British royal family topped £100 million for the first time last year as its income from public funds topped £100 million. Buckingham Palace’s multimillion-pound renovation helped raise the royal family’s bill.
According to the Sovereign Grant report, as COVID-19 restrictions were eased, personal visits of members of the British royal family resumed and the cost of their travel increased from £1.3 million to £4.5 million.
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It said the Queen and members of the Royal Family had about 2,300 official engagements in the United Kingdom and abroad, with international travel resuming at pre-pandemic levels.
When it comes to spending, the royal family spent £16.1 million more than the publicly funded portion of their income – earned from sovereign grants.
The annual report of the palace’s finances further showed that it received £51.8 million for the day-to-day running of the monarchy and an additional £34.5 million for the redevelopment of Buckingham Palace.
Last year the total cost was £102.4 million as the construction of the palace reached an intensive phase.
Several UK publications reported that repair costs had increased by 40 percent for Buckingham Palace, which has completed half of its 10-year repair journey.
The report justified the increase in repair costs, saying the building needed to be prepared to host Queen Elizabeth II’s Platinum Jubilee celebrations in early June.
The report showed that the pandemic was still eroding the earning power of the family. “Looking forward, sovereign grants are likely to be flat over the next few years, inflationary pressure on operating costs and our ability to grow supplemental income is likely to be limited,” said Michael Stevens, keeper of the Privy Purse. According to the news agency AFP.
The net proceeds of the Crown Estate are assigned to the Treasury under an agreement sealed in 1760.