King Charles is set for a huge £45m pay rise with an increase of more than 50% in his official annual income, official accounts reveal.
Profits of £1.1bn from the crown estate – a percentage of which funds the monarchy – mean the sovereign grant, which supports the official duties of the royal family, will rise from £86m in 2024-25 to £132m in 2025-26.
The monarchy currently receives 12% of the crown estate profits to fund its work as well as to fund the 10-year, £369m renovation of Buckingham Palace. Royal aides said the increase will be used to complete the palace reservicing programme by 2027.
The sovereign grant will be reviewed in 2026-27 to reassess the amount handed over to the palace and ensure it is an “appropriate level”.
Royal accounts also show that the Prince of Wales received £23.6m income from the Duchy of Cornwall in his first full year after inheriting the land and property owning estate from his father. » | Caroline Davies and David Pegg | Wednesday, July 24, 2024
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