The combined earnings of the monarch and Prince Charles have more than doubled since the financial crisis of 2008, according to an investigation of figures. The cost of royal engagements also appears to be increasing over the years following the retirement of Prince Philip, which saw a huge drop in the amount of royal engagements per year.
According to financial reports seen by Express.co.uk, Reforms brought in by George Osborne as Chancellor have led to the Queen’s annual taxpayer-funded grant rising from £31 million in 2013 to £86 million this year.
Adding in ticket sales to Buckingham Palace and Windsor Castle, the monarch’s official income in 2018-19 hit £100 million for the first time.
The Queen’s public income has risen so much that the Prime Minister is now legally able to reduce the size of her annual grant.
However, Boris Johnson has declined to do so.
THE Queen will receive a £3 million pay rise this year as a result of financial laws
There are laws in place that guarantee her majesty’s taxpayer-funded income never decreases
With the Royal Family entering a period of almost unprecedented change following the coronavirus crisis, not all royals are protected by the same financial laws as her majesty.
The next few days and weeks will see accounts published by several royal estates and charities that are expected to show multi-million pounds losses caused by the pandemic.
The family’s estates will also be hit by Covid-19 as they generate profits through renting out farmland and commercial properties.
Last week, the Prince of Wales’ Duchy of Cornwall estate warned that “revenue surplus” next year would be down “by a significant amount”.
The combined earnings of the monarch and Prince Charles have more than doubled since the financial crisis of 2008
“The whole country is very likely to be impacted financially by the coronavirus,” a Buckingham Palace spokesman said earlier this month.
“The Royal Household is no exception.”
However, despite being affected by COVID-19 annual income cuts, Charles’ spending on Meghan Markle, Prince Harry, and the Duke and Duchess of Cambridge is higher than ever.
He has nearly quadrupled what he spends on his two sons and their spouses, from £1.7 million in 2009 to £8.2 million last year, according to figures.
The Queen’s public income has risen so much that the Prime Minister is now legally able to reduce the size of her annual grant
With the Royal Family entering a period of almost unprecedented change following the coronavirus crisis, not all royals are protected by the same financial laws as her majesty
Former aides have revealed that the Prince put pressure on the Duchy to boost its profits when his sons were young.
This was in anticipation of them needing their own private offices.
“The big thing that changed when I was around is the extra strain on the Duchy created by a busier and more expensive Duke and Duchess of Cambridge and Duke and Duchess of Sussex,” one said.
“Everyone knew that when William and Harry got older and had their own offices and duties they’d require more cash. There was pressure to grow income to meet rising costs.”
Royal Family tree
What’s more, Harry and Meghan Markle, moved from a freshly renovated cottage on the Queen’s estate in March to a billionaire’s house in Los Angeles.
With the cottage costing 2.4 million of taxpayers money, the move was controversial.
After stepping down as a senior member of the Royal Family, Prince Harry gave up a share of £5 million allocated yearly to him and his brother, William, to support their official duties.
However, Prince Charles will continue to support the couple with private funds, which aren’t made transparent to the public.
Prince of Wales’ Duchy of Cornwall estate warned that “revenue surplus” next year would be down ‘by a significant amount’
Private investments could be used to help support Harry and Meghan, as a source close to the palace has insisted that Charles will continue to help them.
“Prince Charles will continue to offer private financial support”, said one royal aide.
Harry will also benefit from other sources of wealth.
This includes the sizeable inheritances left to him by his late mother, Princess Diana, and the Queen Mother.
Express.co.uk has contacted Buckingham Palace for a comment.
Published at Thu, 02 Jul 2020 23:20:00 +0000