As the U.K. prepares for the coronation of King Charles III, let’s take a closer look at the cost of the monarchy and its economic impact on Britain. KingCharles monarchy
has tried to do just that, while also analyzing the economic benefit the royal family generates each year for Britain.
The royal family’s expenses are covered under the Sovereign Grant and the latest official figures put that at £86 million , or about $1.60 from every U.K. citizen. Think of the Grant as the government’s allowance to the royal family, helping them keep up their lavish lifestyle, pay their staff, and maintain their properties, like Buckingham Palace.
This arrangement dates back to 1760 when King George III hashed out an agreement with Parliament where the Crown Estate’s profits go to the government in exchange for the government paying the royal family a salary.That sounds like a win for government, netting more from royal properties than it doles back out to the family. But critics argue the Sovereign Grant doesn’t tell the whole story, as security for the family is paid for separately by taxpayers and that amount is not disclosed.
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