The British royal family’s annual Sovereign Grant spending report was released Thursday, showing that the royals spent around $27 million more than they received from April 2022 through March 2023.
Royal spending increased by 5% from 2021-22, as The Firm dealt with massive transitions, including Queen Elizabeth II’s death and King Charles III’s rise to the throne.
The royals received $109 million from the taxpayer-funded Sovereign Grant and earned an additional $12 million, according to the report. However, they spent a whopping $148 million on official appearances and work, leading to the deficit.
A rainy-day fund, known as the Sovereign Grant Reserve, was used to make up the $27 million gap.
Critics of the royals have long argued that the Sovereign Grant report does not account for the true cost of the royal family, as it does not cover their security arrangements. For example, the report lists the cost of Queen Elizabeth’s funeral at $2 million. However, Britain’s treasury department said last month the funeral cost $204 million.
“The royals have long hidden their true cost, which we have worked out to be at least £345 million,” said Graham Smith, leader of the anti-monarchy group Republic. “Our figure of £345 million is far more accurate than the official report, when we factor in costs to local councils, local police forces, the revenue of the two Duchies and security.”
Smith was referring to the Duchies of Lancaster and Cornwall, which provide private income to the monarch and their heir, in the present case King Charles and Prince William.
Britons have long debated whether the monarchy is a net positive or negative for British taxpayers. Pro-monarchy groups argue the royals boost tourism and trade by tens of millions of pounds.
The royals’ biggest expense in 2022-23 was the ongoing restoration of Buckingham Palace, which is expected to take 10 years. The structure of the Sovereign Grant was changed in 2017 to cover the cost of the project.
