The Royal Family costs taxpayers £510 million ( ₹5,692 crore) each year, which is almost six times higher than the £86 million ( ₹960 crore) provided by the Sovereign Grant, according to anti-monarchy campaigners.
The Sovereign Grant is used for expenses like staff salaries, travel and maintenance of royal properties. But, it does not include security costs. The Republic group, which opposes the monarchy, claims that £150 million ( ₹1,674 crore) is a likely estimate for security costs, based on media reports. They have urged the government to give a clear figure for these expenses.
Sir Michael Stevens, responsible for managing the King's finances, earlier mentioned their commitment to ensuring that Royal funds were used wisely and provided good value for money, as per the BBC. However, Republic chief executive Graham Smith disagrees.
"How can we talk about cutting the winter fuel allowance while wasting half a billion pounds on the royals?" Smith wondered.
Republic has claimed that the Royal Family’s funding should be more transparent, suggesting that the current system misuses public money. They argue that the Royal residences could generate £96 million ( ₹1,071 crore) annually in commercial revenue.
The group believes the duchies of Lancaster and Cornwall should contribute to the public treasury instead of supporting the King and the Prince of Wales. They estimate the taxpayer loses £99 million ( ₹1,104 crore) each year because of this, as per the group, the BBC reported.
The group criticises the current financial arrangements as secretive and insists that the cost of running the monarchy should be between £5 million and £10 million ( ₹111 crore) per year. They propose that King Charles receive a yearly salary of £189,000 ( ₹2.1 crore), adjusted to the prime minister’s pay.
The latest figures for the Sovereign Grant, released in July, indicate that government funding for the Royal Household will stay at £86.3 million ( ₹963 crore) for 2024-25.
However, it will increase to £132 million ( ₹1,473 crore) in 2025-26. This funding is based on Crown Estate profits, and the upcoming rise is linked to higher earnings from offshore wind farms, the BBC added.
