Royal Deficit: Queen Elizabeth And The Royal Family Went Over Budget This Past Year

Buckingham Palace has released the annual Sovereign Grant report – the money raised from the public purse through Crown Estate profits. Apparently, the royal family’s expenditures exceeded their revenue from public funds last year, topping £100m as the program of repair work at Buckingham Palace intensified. Here’s what you need to know.

The royal household spent £16.1million more than it earned on the Sovereign Grant – the publicly funded part of the royal family’s income. The Palace Finances annual report shows he has received £51.8million for the ongoing running of the monarchy and a further £34.5million for the refurbishment of Buckingham Palace – dubbed a ‘reservation’ by the budget. However, total spending last year was £102.4million as construction work on the palace reached an intense phase.

Queen Elizabeth and the royal family went over budget last year – spending more than they take in

The controversial spring trip that Prince William and Kate Middleton took to the Caribbean was the most expensive royal tour at £226,000. The ongoing 10-year refurbishment of Buckingham Palace and other travel expenses – including the expensive royal train – accounted for many of the additional expenses.

The Sovereign Grant is public funding to support Queen Elizabeth II’s official duties and other expenses such as official travel, staffing for working royals and the upkeep of occupied palaces. The size of the grant – £86.3million in 2021-22 – is based on a share of profits from the Crown Estate, a vast collection of property across the UK. The amount corresponds to the cost of £1.29 per person in the country. The British royal family also has other sources of income, including tourists paying to visit royal palaces.

Palace officials said Prince Charles and the royal family are paying close attention to the rapidly rising cost of living and are “extremely aware” of the crisis. The annual financial report was released amid heightened scrutiny of Charles’ finances, with recent news reports claiming the heir to the throne received millions of pounds in cash in a suitcase and tote bags from the former Prime Minister of Qatar.

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