The British Royal Household released its annual financial statement on Thursday, revealing that official spending for the year 2022-2023 exceeded the Sovereign Grant and other royal earned income.
It attributes the high costs to the “exceptional period of transition” in the Royal Household, which saw Queen Elizabeth II’s funeral last year and King Charles III’s coronation in May, as well as an ongoing refurbishment project at Buckingham Palace. In total, the Royal Household’s net expenditure was reported to be £107.5 million , compared to the total Sovereign Grant of £86.3 million and the additional income of £9.8 million .
The country’s main anti-monarchy group has criticized the royals for continuing to increase spending of public money, as well as criticized the way the Royal Household arrived at the figures. “The royals have long hidden their true cost, which we have worked out to be at least £345 million . That’s enough to pay for 13,000 new nurses or teachers,” said Graham Smith, chief executive of campaign group Republic.
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