Soaring profits from the crown estate to £1.1bn mean the taxpayer-funded Sovereign Grant, which supports the official duties of the royal family, will increase from £86.3m in 2024-2025 to £132m in 2025-2026.
Officials said the increase will be used to help fund the final stages of the 10-year £369m renovation of Buckingham Palace, keeping it on time and budget. The boost will be reviewed through legislation in 2026-27 to keep funding of the royal family at a "more appropriate" level, a palace spokesperson said.
A National Audit Office report on Tuesday revealed that the palace renovation has been well managed but structural damage and the discovery of asbestos, which led to cost increases, "could have been foreseen".
Buckingham Palace's annual accounts covering the first full financial year of the King's reign were published on Wednesday after being delayed for a month because of the general election.
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