Buckingham Palace has released its annual financial report, and you can probably guess which story the tabloids ran with: The eye-popping cost of Harry and Meghan’s renovations at Frogmore Cottage, which came to roughly $3 million. What makes that price tag particularly controversial is the fact that it didn’t quite come from their own pockets.
The group manages a property portfolio worth £12.4bn, and the latest available figures show that it delivered £329m to the Treasury for the 2015/2016 financial year.and around half the buildings in the St James’s area, comprising retail, residential and office space.
The 1760 deal wasn’t some sort of magnanimous donation on the part of George III—it formalized the fact that Parliament was actually doing the governing. It was part of the very long, very slow handoff from the monarch to Parliament and ultimately the people of the United Kingdom, which still hasn’t been completed, not really—the government is still technically “Her Majesty’s” government. So, sure, the Crown “pays for itself,” if you look at it from one perspective.
As the U.K. transitioned to a constitutional monarchy, the power of the sovereign waned and the costs of government increased. This saddled the monarch with personal debt, leading George III to surrender control of all revenue from the Crown Estate.
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