Buckingham Palace Releases Its Annual Accounts as the Cost of the Monarchy Is Debated
Each year, Buckingham Palace releases information about the cost of the monarchy to the British public in what is known as the annual Sovereign Grant report. And this year, the accounts reveal expenditure from the financial year April 2022 to the end of March 2023, during what the Palace described as “a unique period in the history of the monarchy in the UK.”
“As we look back on those twelve months, we reflect on how the nation came together to celebrate the Platinum Jubilee of Queen Elizabeth II in June, and to mourn Her Late Majesty in September while marking the Accession of The King, as well as the months of preparation leading up to Their Majesties’ Coronation,” The King’s treasurer, known as the Keeper of the Privy Purse, Sir Michael Stevens, said in a statement.
Sir Michael added that royal household has “not been immune” to the challenges of the pandemic and inflation to the economy. However, with an income of £51.8 million plus an additional £34.5 million to pay for the 10-year refurbishment of Buckingham Palace, the Palace is wise not to be trying to convince the British people that they should receive more public money.
Indeed, the funds from the Sovereign Grant do not reflect the full costs of the monarchy as their round-the-clock security costs are not included and are never revealed. Campaigners also argue that the money that the King receives from the Duchy of Lancaster and the Prince of Wales receives from the Duchy of Cornwall, which is millions each year and is sometimes referred to as private money, could be diverted for the public good if the monarchy was abolished. "The royals have long hidden their true cost, which we have worked out to be at least £345 million,” anti-monarchy group Republic said in a statement today. “That’s enough to pay for 13,000 new nurses or teachers.”
The accounts showed that the Palace dipped into reserves last year as the £86.3 million they received in total was not enough to pay for everything they needed, resulting in them calling on £20 million from reserve funds. The Palace said this was due to “significant work relating to the Reservicing of Buckingham Palace and the costs associated with the change of reign, as well as the impact of the Consumer Price Index rising by 10.1%.”
Royal family members carried out a total of 2,700 engagements across the 12 month period and the Palace said it hosted 330 events including receptions, investitures and garden parties, hosting a total of 95,000 guests.
Some £3.9 million was spent on travel for the last financial year. The King and Queen’s first official overseas State Visit to Germany for three days cost the British public £146,219 for their charter flight from the UK to Berlin, Hamburg and back. When Prince William and Kate went to Boston for the Earthshot Awards in November, their flights plus staff flights cost a total of £48,034. The year was also the busiest on record for incoming post, with Buckingham Palace saying it received 183,207 items of correspondence.
The report also revealed the individual salaries of some senior staff. Charles’s Private Secretary Clive Alderton has a full-time equivalent salary of £205,000 to £210,000 and Treasurer Sir Michael Stevens earns a full-time salary of £215,000 to £220,000. However, Camilla’s right-hand woman Sophie Densham is reported as having a much lower full-time equivalent salary of £90,000 to £95,000.
Buckingham Palace took the opportunity to highlight in the annual review that they have prioritized “A new Inclusion and Diversity strategy.” “This saw the introduction of a comprehensive suite of education resources and learning programmes for all leaders and employees designed to build knowledge, understanding and capability, to promote a positive and inclusive working culture, with high levels of staff engagement,” the report reads. “In addition, grass root networks continue to support initiatives to underpin progress on representation and the creation of an inclusive culture.”
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