King Charles has successfully reduced the royal family's expenses by $25 million, according to the annual Sovereign Grant report. This detailed report outlines various budget reduction strategies that have significantly decreased the royal family's expenditures. In 2023, their expenses reached a record $138 million. However, after implementing substantial budget cuts and staff adjustments at various royal residences, the total expenditure has decreased by 17%, now standing at $115 million.
Despite a challenging year marked by cancer diagnoses for both King Charles and Kate Middleton, the royal family managed to attend 2,300 events across the UK and abroad. The Sovereign Grant report, released on Wednesday, also revealed that the royals spent $1 million on celebrations for King Charles' coronation last year.
The energy crisis that impacted the nation in 2023 also affected the royal family, with Buckingham Palace experiencing a substantial increase of $1.3 million in its electricity costs. King Charles, listed with a personal fortune of $770 million in the 2024 Sunday Times Rich List, has consistently expressed his intention to streamline the monarchy since ascending to the throne in September 2022.
A notable aspect of the report is the status of Frogmore Cottage, once the residence of Prince Harry and Meghan Markle. The luxurious five-bedroom cottage has remained vacant for over a year following their departure in June 2023. The residence continues to be empty largely because Prince Andrew, King Charles' brother, declined to move in, reportedly finding it significantly smaller than his existing home, according to the New York Post.
The decision to evict the Sussexes marked the initial phase of King Charles' efforts to reduce the monarchy's financial burden. Although Charles advocates for a more streamlined monarchy, his sister, Princess Anne, has expressed reservations, suggesting she doesn't believe it to be a favorable approach. "I think 'slimmed-down' was said in a day when there were a few more people around to make that seem like a justifiable comment," she stated in May 2023. "It doesn't sound like a good idea from where I'm standing... I'm not quite sure what else we can do."
Princess Anne, 73, argued that the royal family had already been sufficiently streamlined following Prince Harry and Meghan Markle's decision to step down as senior working members in 2020. The current cost-cutting measures reflect King Charles' commitment to a leaner, more efficient royal operation, despite the internal disagreements it may cause.
The financial prudence comes at a time when the UK, like much of the world, is grappling with economic challenges. King Charles' approach to reducing the royal family's expenses is seen as a response to the public's call for greater accountability and transparency in how the monarchy is funded and operates.