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Soaring inflation has hit the finances of the British royals, pushing up expenditure, Buckingham Palace said on Thursday, as it revealed King Charles III had ordered the heating in royal homes to be turned down to cut emissions.
The annual Sovereign Grant report, which details the royals’ taxpayer-funded spending and income, detailed that the monarch said thermostats should be turned down to 66.2°F to cut greenhouse gas emissions, in keeping with his long-term environmental campaigning.
“You will not need me to remind you that this reporting period relates to a year in which inflationary pressures saw the price of many goods and services increase significantly for all organisations, in particular with regards to the cost of fuel and energy,” said Michael Stevens, the royal treasurer.
The last year has been one of the busiest for the royal family in generations, with celebrations for Queen Elizabeth’s 70th year on the throne last June, followed by her death in September and the coronation of King Charles in May.
The report said $2 million had been spent by the royals on the queen’s funeral and related events. The British government said in May it had cost an estimated $205 million overall, which includes the cost of policing and security.
“The funeral service itself was believed to have been viewed by the largest worldwide audience for any live event in television history,” said Stevens, whose official title is Keeper of the Privy Purse.
Royal spending rose by 5%, with staff costs rising significantly, while the Sovereign Grant — based on surplus revenue from the Crown Estate, a property portfolio belonging to the monarchy, remained steady and additional income fell slightly.
The report said the proportion of ethnic minority employees had stayed at 9.7%, missing its target of reaching 10% by the end of 2022. It has set a new target of 14% by 2025. Around 18% of the population of England and Wales belong to an ethnic group, according to government data.
“We are determined to accelerate progress in this area,” Stevens said.
He said gas and heating emissions had fallen 19%, partly driven by the king having the thermostats turned down, and a 43% decrease in travel emissions.
Critics of the royals said the monarchy cost far more than the report suggested, and said Charles’ son and heir Prince William, who received $7.6 million from his inherited Duchy of Cornwall estate, should have published full details of his annual accounts.
Millions of people across Britain have faced soaring energy costs amid the country’s cost of living crisis.
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