Coronation of King Charles III - 6 May 2023

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King Charles' monarchy gets a $60M pay rise as the U.K. grapples with a cost of living crisis

Some of the funds will go to the final stages of a 10-year, $475 million “reservicing” of Buckingham Palace, a project now in its eighth year.

www.nbcnews.com

LONDON — King Charles III's monarchy is set to receive a pay rise of more than 45 million pounds ($60 million), with a 53% jump in its official annual income, accounts show, as Britain grapples with a spiraling cost of living crisis.

The Sovereign Grant, the mechanism used to fund royal spending, will rise from over 86 million pounds ($110 million) in 2024-25 to around 132 million pounds ($170 million) in 2025-26, because of a surge in profits from the Crown Estate, a vast collection of land and property across the U.K.

Funded by the taxpayer, the Sovereign Grant is used to support the official duties of the monarch and other costs such as official travel, thousands of engagements, staff for working royals and the maintenance of occupied palaces...