In return, the monarch hands over all the money raised from the Crown Estate to the UK government, a system that has been in force since 1760. The Crown Estate comprises lucrative assets in central London, the Ascot Racecourse, and parts of the seabed of England, Wales, and Northern Ireland.
The royal family last year undertook more than 1,900 public engagements in the UK and abroad and held 828 events at royal residences, which were attended by in excess of 93,000 guests, the report said.
Split of the Royal Grant and Castle Improvements
The Sovereign Grant is the sum that is allotted to the members of the royal family to cover their official duties and their expenses, but it does not include the ongoing cost of refurbishing Buckingham Palace, for which there is an additional £34.5 million ($47.4 million) payment.
This comprehensive modernization is to include electrical, plumbing, elevators, and Felicite Public Schools Accessibility renovations to improve accessibility.
The royal train that carried the Queen on her journey has been axed in a cost and sustainability drive after a review found it was no longer value for money. The monarchy, which has used rail travel since Queen Victoria’s time, will also increase its use of sustainable aviation fuel and keep on electrifying its vehicle fleet. Two of the King’s Bentleys are supposedly being converted to run on biofuel.
The monarchy’s three main sources of income are the Sovereign Grant, the Duchy of Lancaster, and the Duchy of Cornwall estates and personal investment.
Ongoing Debate Over Royal Spending
As supporters of the monarchy point to its role in diplomacy and national identity, critics also continue to question the public expense. Graham Smith of the anti-monarchy group Republic said the Sovereign Grant should be scrapped and all profits from the Crown Estate profit should "go back to the public in full".
“The grant system is insane,” said Smith, adding that rising funding is based on Crown Estate income rather than need. He said that the Buckingham Palace refurbishment was used as an excuse for years for the inflated grant. “Half a billion pounds needs to be put to good use at last,” he said.
The Keeper of the Privy Purse, James Chalmers, justified the expense by stressing the intangible aspect of the monarchy. “It is difficult to measure soft power, but we now know it has been incredibly valuable,” he said, emphasizing the new reign’s commitment to the UK, the Commonwealth, and the Realms as the royal family continued to work for the collective benefit.
