Inflation has hit the British royals' finances, Buckingham Palace says, as it's revealed King Charles ordered heating in royal homes to be turned down. Millions in the UK have faced soaring energy costs that have contributed to a cost of living crisis.
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.
“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 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. 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.
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