The British are paying a lot for their flagship monarchy. Last year, the royal family swallowed around 87.5 million pounds in public money.
Queen Elizabeth II celebrated her platinum anniversary. For 70 years now, the Queen has represented Great Britain and the Commonwealth of Nations as head of state and, as of June 12, is even the monarch with the second longest reign in world history. However, most of their tasks are now formalities or are purely symbolic in nature.
The role of the British monarchy is defined by convention and its function as representative of the United Kingdom is funded financially by British taxpayers.
Renovating Buckingham Palace is expensive
As the Statista infographic shows, expenses for the upkeep of the royal family have increased significantly in recent years. The latest data shows the royals cost £87.5million in 2021.
The monarchy’s funding system is based on government grants called “Sovereign Grants”. Its value is determined by how much money the real estate portfolio has brought in to the British Crown.
One of the biggest expense items in recent years has been the renovations to Buckingham Palace. The royal residence’s electrical, heating and plumbing systems all date from the 1950s and are in dire need of replacement. As part of the 10-year renovation plan, wiring and plumbing will be replaced, asbestos will be removed from the building and the palace will be accessible to visitors.