"Royal Finances Under Scrutiny: Buckingham Palace's Annual Accounts Revealed Amidst Rising Costs and Inflation"
Originally Published 2 years ago — by Town & Country
Buckingham Palace has released its annual accounts, revealing the expenditure for the financial year April 2022 to March 2023. The accounts reflect the challenges faced by the royal household during the pandemic and inflation, with an income of £51.8 million plus an additional £34.5 million for the refurbishment of Buckingham Palace. However, the funds from the Sovereign Grant do not include the full costs of the monarchy, such as round-the-clock security. Campaigners argue that the money received from the Duchy of Lancaster and the Duchy of Cornwall could be diverted for public use if the monarchy was abolished. The accounts also show that the Palace dipped into reserves and received £20 million from reserve funds. The report highlights the Palace's focus on inclusion and diversity initiatives.