King Charles III has been forced to dig into his savings amid the cost of living crisis. This was after the Royal Family took a £21m hit last year.
Last year was an expensive year for the monarchy for a range of reasons. These include the Jubilee, the Queen’s funeral, and the accession of King Charles to the throne.
King Charles III forced to dig into his savings
Last year saw the Royal Family spend a reported £107.5 – a five percent increase from the previous year. Every year, the monarchy receives a Sovereign Grant, funded by taxpayers. The Sovereign Grant stood at £86.3m last year. However, the King was forced to dig deep into savings to make sure that everything was paid for.
The reason behind the reported £107.5m spend is allegedly down to inflation and the rising cost of utility bills. A £369m refurbishment of Buckingham Palace, for example, has been slowed due to inflation and higher energy bills.
According to reports, the palace’s gas and electricity bills almost doubled last year – jumping from £1.4m to £2.7m. In an effort to cut emissions and bills, the heating has been turned down at the palace.
What did the royals spend their money on?
However, despite the financial setbacks, palace aides reportedly believe that work on Buckingham Palace will be finished as planned by 2027. This means that the King and Queen will hopefully be able to move in to the North Wing of the palace.
However, other maintenance work has been postponed until the economic outlook improves.
Figures disclosed in the Sovereign Grant Report showed that the Royals spent £700,000 of taxpayers money on the Queen’s Jubilee. They also spent £1.6m on her funeral.
Sir Michael Stevens, the Keeper of the Privy Purse and the King’s most senior financial adviser, said: “This has been an exceptional year for the Royal Household in many different ways.
“Covering as it does the period from April 1, 2022, to March 31 2023, it relates to a year of grief, change and celebration, the like of which our nation has not witnessed for seven decades.”
Signs King Charles III is ‘stressed’ without Camilla by his side revealed
In other King Charles-related news, a secret sign that the monarch is “stressed” when Camilla isn’t by his side has been revealed.
Body language expert Darren Stanton has highlighted some key indicators that the King is stressed without his wife by his side. He spoke on behalf of Betfair Casino.
“He tends to get a little stressed when Camilla isn’t in his eye line because she gives him a lot of strength. Little key indicators are when he plays with his cufflinks or with the cuffs on his shirt and jacket,” he said.
Other notable gestures include “brushing imaginary dust on his jacket” when he’s feeling “nervous” and “uneasy”. He also apparently scratches his nose when he wants to move the conversation on!
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