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New Delhi: Financial Report of King Charles IIIThe household revealed a five per cent increase in the cost of the British royal family to UK taxpayers in the past year.
The increased spending, which rose to £107m last year, has prompted the king to order his palace staff to turn off the heating.
The higher spending has been attributed to the transition of power following the death of Queen Elizabeth II in September 2022 and the subsequent ascent to the throne of her son, Charles, in May this year.
However, the report does not include the expenses incurred for Elizabeth’s funeral and Charles’ coronation.
A major contributor to the increased costs was a 10-year program to modernize the electrical cables, plumbing, and heating at Buckingham Palace, the official residence of the monarch.
Net spending for 2022-3 increased by £5.1m ($6.4m).
The amount received from the public treasury via the Sovereign Grant remained unchanged at £86.3m for the same period.
While travel spending fell by £600,000, to £3.9m, housekeeping and hospitality expenses saw an increase from £1.3m to £2.4m. On the other hand, property maintenance costs fell by £6.1m to £57.8m.
Payroll costs saw one of the largest annual increases, rising by £3.4m to £27.1m, with staff receiving a wage increase of around five to six per cent.
The report also highlighted the failure of the royal family to meet the diversity goal set in 2021, as the percentage of the workforce from ethnic minorities remained at 9.7 percent, the same as in the previous year.
The Sovereign Grant, which covered the King’s official duties and the upkeep of the royal palaces, continued to play an important role in financing the royal family’s expenditures.
The increase in property costs comes as the UK grapples with a cost-of-living crisis, with inflation reaching 8.7 per cent last month.
King Charles III emphasized sustainability and environmental responsibility, urging the royal family to take measures such as reducing heating and reducing energy consumption. The ongoing renovation of Buckingham Palace aims to make it a world leader in sustainable energy.
(With inputs from agencies)
The increased spending, which rose to £107m last year, has prompted the king to order his palace staff to turn off the heating.
The higher spending has been attributed to the transition of power following the death of Queen Elizabeth II in September 2022 and the subsequent ascent to the throne of her son, Charles, in May this year.
However, the report does not include the expenses incurred for Elizabeth’s funeral and Charles’ coronation.
A major contributor to the increased costs was a 10-year program to modernize the electrical cables, plumbing, and heating at Buckingham Palace, the official residence of the monarch.
Net spending for 2022-3 increased by £5.1m ($6.4m).
The amount received from the public treasury via the Sovereign Grant remained unchanged at £86.3m for the same period.
While travel spending fell by £600,000, to £3.9m, housekeeping and hospitality expenses saw an increase from £1.3m to £2.4m. On the other hand, property maintenance costs fell by £6.1m to £57.8m.
Payroll costs saw one of the largest annual increases, rising by £3.4m to £27.1m, with staff receiving a wage increase of around five to six per cent.
The report also highlighted the failure of the royal family to meet the diversity goal set in 2021, as the percentage of the workforce from ethnic minorities remained at 9.7 percent, the same as in the previous year.
The Sovereign Grant, which covered the King’s official duties and the upkeep of the royal palaces, continued to play an important role in financing the royal family’s expenditures.
The increase in property costs comes as the UK grapples with a cost-of-living crisis, with inflation reaching 8.7 per cent last month.
King Charles III emphasized sustainability and environmental responsibility, urging the royal family to take measures such as reducing heating and reducing energy consumption. The ongoing renovation of Buckingham Palace aims to make it a world leader in sustainable energy.
(With inputs from agencies)
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