King Charles III is to receive a huge pay rise from the UK taxpayer, according to government plans to boost public funding of the monarchy by 45% from 2025.
Details of the rise, against the backdrop of a cost of living crisis, were contained published in a review of royal funding by the Treasury yesterday. It reveals the royal family's grant is due to increase from £86m to £125m.
The monarchy's annual budget, known as the sovereign grant, is pegged against the profits from a national property portfolio called the crown estate.
The review of the royal funding settlement was heavily spun by the Treasury to give the impression that the king would be taking a pay cut so crown estate funds could instead be spent on public services. In fact, the report reveals the monarchy is due to receive a huge pay increase, although the rise will not kick in for two years.
Next year, the sovereign grant will remain at £86.3m. However, in 2025, the king's public funding will increase by a projected £38.5m, giving the monarchy an annual stipend of £124.8m. In 2026, it will be £126m.
Contacted by the Guardian, Buckingham Palace and the Treasury did not dispute that the sovereign grant was expected to significantly increase in the coming years.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Post Office boss asked about his pay and bonuses 'more than expected', says board member
The chair of the Post Office's remuneration committee has said she was surprised at how frequently the company's boss, Nick Read, asked about his pay and bonuses, given the pressure it was under due to the ongoing fallout from the Horizon IT scandal.
Murdoch property group raises offer for Rightmove to £6.2bn as deadline looms
Britain's booming wine-growing industry has been compared to \"California in the 70s\", with annual production more than doubling to 12m bottles a year, according to a report.
Viral load Social media putting rare species in danger
With its striking plumage, impressive size and rowdy displays, a capercaillie is many birders' dream. Only about 530 of the woodland grouse survive in the wild, most in Scotland's Cairngorms national park.
Toll of 20 dead in storm-hit south-eastern US could rise as flooding hampers rescues
Hurricane Helene has reportedly killed at least 20 people and left 4m consumers without power across the south-eastern United States after crashing ashore in north-western Florida late on Thursday as a potent category 4 hurricane, according to officials.
Closing borders Electoral pressures put EU's freedom of movement under threat
In 2015, when more than 1.3 million people headed to Europe, mostly fleeing a brutal war in Syria, the response of Germany's chancellor, Angela Merkel, was to say: \"Wir schaffen das\" (\"We can manage this\"), and open the country's borders.
Fight does not end here, say critics, as Wimbledon wins the go-ahead to expand
Wimbledon's controversial plans to build 39 new tennis courts have been given the green light after a deputy mayor of London ruled that the \"very significant benefits\" of the scheme outweighed any potential harm to the environment.
Sue Gray Advisers to the PM are often targets of sniping but is it sustainable?
For someone who was not even in Liverpool for the Labour party conference, Sue Gray was the subject of a remarkable amount of conversation.
Revealed Alli gave PM a further £16,000 gift of clothing
Keir Starmer was given a further £16,000 worth of clothes by the Labour peer Waheed Alli, which was declared as money for his private office, the Guardian can reveal.
Tributes paid to 'one of a kind' in seven decades on stage and screen
Maggie Smith, the prolific, awardwinning actor described by peers as being \"one of a kind\" and possessed of a \"sharp eye, sharp wit and formidable talent\", has died aged 89.
Diplomacy Netanyahu insists Israel is winning on 'seven fronts'
Israel's prime minister, Benjamin Netanyahu, shrugged off global appeals for a ceasefire in Lebanon and Gaza yesterday, using a defiant speech at the UN general assembly to denounce the world body as an \"antisemitic swamp\" and insist Israel is \"winning\" its multi-front wars.
