The King of the United Kingdom, King Charles III, has been dealt another financial blow as the Sovereign Grant will be slashed to 12 per cent of the Crown Estate’s net profits, down from 25 per cent.
UK Express reported that, the change will come into effect next year, with the money being used to help pay for the monarchy’s official duties and expenses.
The news was announced on Thursday by the Treasury, following a review of the formula which was carried out by the Government and the Keeper of the Privy Purse, Sir Michael Stevens.
The Sovereign Grant replaced the Civil List in 2012 and uses a percentage of the profits from the Crown Estate as a benchmark to decide how much the Royal Family should receive in taxpayer money.
It had been expected that the percentage may be revised down to a lower number, particularly after the Crown Estate’s profits skyrocketed by £130million to £442.6million because of a boom in offshore wind farms.
However King Charles has said he will not benefit from the extra money and it should be distributed in the community.
The King has been hit by the cost of living crisis as much as the rest of us, as the royals have had to dip into their savings to increase their taxpayer-funded spending.
Last month’s Sovereign Grant Report revealed that Buckingham Palace spent £700,000 of taxpayers’ money on the Queen’s Platinum Jubilee and £1.6 million on her funeral in an expensive year for the Firm.
