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King Charles Cuts Heating at Buckingham Palace as Royal Family Expenses Reach £107m
The Royal Family’s financial situation has been unveiled, and in the face of the ongoing economic crisis, the company has had to take its own precautions.
King Charles has reportedly instructed palace staff to reduce the heating at Buckingham Palace as a cost-saving measure and to contribute to environmental conservation.
During winter, the quarterly temperature will now be set at 19 degrees Celsius.
It was revealed this week that the Royals received £107m in taxpayer funds during the previous financial year, marking a 5% increase compared to the previous year.
However, due to the lack of an increase in the sovereign grant, the monarch has had to cut back on savings in order to cover the expenses of a major palace renovation.
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Last year, the Royal Family’s expenses exceeded £100m, breaking the record for only the second time in history.
The surge in costs can be attributed to the renovations at the palace, as well as the expenses incurred from Queen Elizabeth’s Platinum Jubilee celebrations and funeral.
The sovereign grant remains at £86.3m, but rising inflation and utility bills have forced the Royals to tap into government reserves for additional funds.
Originally planned to last a decade and cost £369m, the Buckingham Palace renovation project faced budget constraints due to soaring energy bills.
The Royal Gas and Electricity Bill alone nearly doubled from £1.4m to £2.7m within the year leading up to March 31, 2023.
According to palace aides, King Charles has overseen a crucial period of transition since ascending to the throne.
One aspect of this transition has been his commitment to making royal life more sustainable, even extending to heating measures throughout the palace, including the swimming pool.
Despite these changes, the aide reassured that the palace would still be ready for Charles and Camilla to move into the north wing of Buckingham Palace by 2027.
However, other essential maintenance work will be postponed until the financial outlook improves, resulting in a 10% reduction in property maintenance expenses.
Sir Michael Stevens, custodian of the Privy Person Chief Financial Advisor to the King, acknowledged that this has been an extraordinary year for the Royal Family.
Covering the period from April 1, 2022, to March 31, 2023, it has been a year marked by grief, change, and celebration, unlike any our nation has experienced in the past seven decades.
Additionally, earnings for the Crown Estate surged to £442.6m last year, prompting the monarch to insist that the additional revenue be allocated for the greater public good.
Prince William, who is next in line to the throne, faced criticism from anti-monarchy campaign group Republic for not publishing an annual report on his family’s finances during his first year as heir apparent.
It remains to be seen how this issue will be addressed in the future.
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