Royal Family to receive extra £45 million of public money amid soaring Crown Estate profits
24 July 2024, 14:50
Soaring Crown Estate profits will see the Royal Family earn an extra £45m in the coming year.
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The pay rise was revealed as part of the Royal Family’s annual Sovereign Grant report, which sets out how the monarchy is funded by taxpayers.
Six new offshore wind farms saw profits soar to £1.1billion for the Crown Estate, which will result in a boost to the Sovereign Grant.
The grant will come in at £132 million in 2025/2026, compared to £86.3 million this year.
Currently, the monarchy receives 12% of the Crown Estate’s profits to fund both the £396 million renovation of Buckingham Palace and its work across the globe.
Read more: King Charles 'in discussion to strip Prince Harry and Meghan Markle of royal titles', sources say
The Sovereign Grant will be reviewed again come 2027 to ensure to palace earnings are at an “appropriate level.”
The increase in cash “will be used to fund the final stages of the Buckingham Palace reservicing programme, enabling it to be complete both on time and on budget,” said Michael Stevens, the king’s Keeper of the Privy Purse.
He added: “A reduction in the absolute amount of the sovereign grant will be sought as part of the royal trustees review in 2026-27, through primary legislation”, to ensure that the work of the royal family “continues to be funded at an appropriate level”.
Meanwhile, The Prince of Wales earned £23.6 million from the Duchy of Cornwall, in his first year after taking over the estate from his father.
As part of the annual report, it was revealed Frogmore Cottage, the former home of Prince Harry and Meghan Markle, has remained empty for over a year.
Harry and Meghan, who were originally given the property as a wedding gift from the late Queen, were asked to clear their possessions out of Frogmore in 2023.
It came just weeks after Harry hit out at his family in his bombshell memoir, Spare.
He is said to have stayed in hotels during his recent visits to the UK instead of at a royal residence.
A Buckingham Palace spokesman said: "I think at this point I wouldn't speculate on who would be the future occupant of Frogmore Cottage."
He added: "The Sovereign Grant has been fully reimbursed for the refurbishment costs of Frogmore cottage when it was initially provided to the Duke and Duchess of Sussex and, therefore, there is no cost to the Sovereign Grant other than some routine maintenance, but it would be required for any of the buildings."
It remains unclear what King Charles plans to do with the cottage, with some calling for it to be rented out to reduce the burden on taxpayers.
Yesterday’s report outlines King Charles’ first full year as monarch, which included cancer treatment for himself and Kate Middleton.
During the last year, there were more than 2,3000 official engagements undertaken by the Royal Family at home and abroad.
Charles himself undertook 464 official engagements, with Queen Camilla undertaking 201.
The report also revealed plans for the Royals to purchase two new aircraft.
