King Charles is set to receive a significant £45m pay rise, with his official annual income increasing by more than 50%, thanks to profits of £1.1bn from the crown estate. The sovereign grant, which funds the royal family’s official duties, will rise from £86m in 2024-25 to £132m in 2025-26. This increase will be used to complete the £369m renovation of Buckingham Palace by 2027.
The Prince of Wales also received an income of £23.6m from the Duchy of Cornwall in his first full year after inheriting the estate from his father. This income covers the official, charitable, and private lives of the Prince and his family. Frogmore Cottage, which was renovated for the Duke and Duchess of Sussex at a cost of £2.4m, remains empty and unused.
Despite undergoing a cancer diagnosis, King Charles and Queen carried out a significant number of official engagements throughout the year. The report also revealed that £600,000 from the sovereign grant was spent on coronation-related events. Charles’s increased income follows a doubling of profits for the crown estate, driven by proceeds from offshore wind projects.
A National Audit Office report confirmed that the Buckingham Palace renovation project has been well managed, despite unforeseen challenges such as structural damage and asbestos. The project is nearing completion within budget, with £238.9m spent out of the £369m allocated. Overall, the increase in the sovereign grant will ensure that the royal family’s work continues to be funded appropriately, with a review planned for 2026-27 to reassess the amount granted to the palace.
Source
Photo credit www.theguardian.com
