King Charles is set to receive a £45m pay rise, bringing his official annual income to over £132m. The increase is a result of the Crown Estate’s profits reaching £1.1bn, with 12% of those profits funding the monarchy. This raise in income will support the ongoing Buckingham Palace renovation project, which is set to be completed by 2027.
In addition, Prince Charles received £23.6m from the Duchy of Cornwall in his first full year after inheriting the estate. The surplus from the duchy meets the costs of his official, charitable, and private life. The increase in the sovereign grant will be used to fund the final stages of the Buckingham Palace renovation project.
The royal accounts also revealed that the Palace’s renovation project has been well managed, with a budget of £238.9m at the end of March. Despite challenges such as structural damage and asbestos, the project has remained within budget and is on track to be completed on time.
The report also mentioned that Frogmore Cottage, which was renovated at a cost of £2.4m for the Duke and Duchess of Sussex, remains empty. Princess Eugenie briefly lived there before it became vacant.
Overall, the royal family carried out more than 2,300 official engagements in the UK and overseas, with King Charles undertaking 464 engagements despite his cancer diagnosis. The increased income for the monarchy comes as a result of the Crown Estate’s profits more than doubling to £1.1bn, primarily driven by the sale of offshore wind project rights.
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