UK royal family to receive $118 million in government funding, annual report reveals

The British Royal Household released its financial statement on Monday, revealing that the annual Sovereign Grant from the government remained at £86.3 million ($118.50 million). The grant covers the upkeep of royal palaces, official duties, and is funded by British taxpayer money. In return, the monarch hands over all profits from the Crown Estate to the government. The Sovereign Grant functions as an expense account for the monarch, covering public duties costs excluding security.

Royal family members undertook over 1,900 public engagements in the UK and overseas, with more than 93,000 guests attending events at Official Royal Palaces. The total grant of £86.3 million includes a core grant of £51.8 million and £34.5 million for Buckingham Palace refurbishment.

Buckingham Palace is undergoing a modernization project, including upgrades to electric cabling, pipework, elevators, and bathrooms. The royal train will be decommissioned, and the Royal Household will increase the use of sustainable aviation fuel and electrify its vehicle fleet.

The royal family's main income sources are the Sovereign Grant, Duchy of Lancaster and Duchy of Cornwall estates, personal property, and investments. Criticism of the funding level has led to calls for abolishing the Sovereign Grant and keeping all Crown Estate profits.

James Chalmers, the Keeper of the Privy Purse, highlighted the value of soft power and the Royal Family's service to the nation, Realms, and Commonwealth.

According to the source: CNN.