King Charles loses almost $1 billion as cost of living crisis hits monarchy too
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Well, even the Royal Family is feeling the pressure of the cost of living crisis as King Charles has been forced to dip into royal reserves after losing almost $1 billion.
The yearly Sovereign Grant report, which shows the royals’ taxpayer-funded spending and income, revealed that the Crown Estate was losing half a billion pounds (AUD $950 million) on its London property portfolio after the value of retail space decreased significantly.
According to the report, The Crown Estate had fallen by 6.5 per cent to £7.2 billion, totalling a loss of £500 million (AUD $955 million).
It has now forced the King to dip into the royal reserves by £21 million (AUD $40 million) due to the overspending.
Royal staff have even been instructed to cut emissions where they can, which according to the report, includes turning down the heating.
Ah, royals, they’re just like us.
Well, not really.
Buckingham Palace's spending increased by more than £5 million this year, to £107.5 million (AUD $203 million), following last year's events, including Queen Elizabeth’s II death.
“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, said in a press release.
He said that the current financial situation from April 1, 2022, to March 31 2023, reflects a year of ‘grief, change and celebration, the like of which our nation has not witnessed for seven decades’.
And for all you playing at home, the royals spent £1.6 million ($3.05 million) on Queen Elizabeth’s funeral and related events, as per the report.
“The funeral service itself was believed to have been viewed by the largest worldwide audience for any live event in television history,” added Stevens.
In addition to rising staff wages, the Buckingham Palace refurb, official travel and property maintenance, the royals are most definitely feeling a pinch right about now.