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Sunday August 14, 2022

Royal family hit by ‘challenging’ post-pandemic credit crunch as expenditure soars

Britain’s royal family's expenditure has risen up to £102.4 million per year

By Web Desk
June 30, 2022
Royal family hit by ‘challenging’ post-pandemic credit crunch as expenditure soars
Royal family hit by ‘challenging’ post-pandemic credit crunch as expenditure soars

Britain’s royal family has been hit by a ‘challenging’ post-pandemic credit crunch as Buckingham Palace’s expenditure continued to rise.

According to the details provided by the monarch’s Keeper of the Privy Purse, Sir Michael Stevens, yesterday, around £102.4 million were spent last year which marks a rise of 17 per cent from the previous year.

Most of the expenditure amount was spent on the major ten-year programme of the ongoing renovation of Buckingham Palace.

It was reported that around £54.6 million - a 41 per cent increase in spending, was siphoned off by the renovations alone.

The Sovereign Grant Report also showed a spike in the travel costs of the royal family from £1.3m to £4.5m after the in-person royal visits resumed after the pandemic.

Royal finances expert Norman Baker stated, “The Government should have a complete rethink of how taxpayers’ money is allocated to the Royal Family.

“We have no say in how the royals choose to use private jets or helicopters, which are all paid for out of the public purse, and while ordinary people are struggling it isn’t right.”