The cost of the grant that funds the monarchy is due to increase by more than 53% in the next year to £132m – a rise of £45m.
Official royal accounts released earlier this year revealed that huge profits of over £1bn from the crown estate mean the taxpayer-funded sovereign grant, which pays for the royal family’s official duties, will increase from £86.3m in 2024-25 to £132m in 2025-26.
Republic, an anti-monarchy organisation that campaigns for a British republic, has analysed the “true cost” of the royal family to the public and claimed that it now exceeds £500m a year.
Officials said the extra cash will be funnelled into the decade-long, £369m update to Buckingham Palace. Graham Smith, chief executive of Republic, said: “If [the chancellor] Rachel Reeves thinks tough decisions are needed in these difficult times, she needs to start with the royals.
“We’re being told the budget will be painful. Well, if that’s true, the cuts must start at the top. How can we talk about cutting the winter fuel allowance while wasting half a billion pounds on the royals?”
Republic claims the largest portion of the money, £150m, was spent on royal security and a further £96m in “lost revenue”, the report claims, as royal residences “occupied by the royal family cannot be used to their full potential by the state”.
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Additional reporting by PA Media