Cost of The Crown: How Much Does the Royal Family Spend versus contribution

A report into the debate of whether the Royal Family is costing the taxpayer more than they should. Private refurbishments totaling to £2.4 million for their private home in Windsor.

London, United Kingdom - August 10, 2019 /PressCable/ —

The debate of whether the Royal Family is costing the taxpayer more than they should is an ongoing debate that never seems to die down. Private refurbishments are the latest royal expenditure to get tongues wagging.

New parents Meghan Markle and Prince Harry have been under scrutiny for their £2.4 million renovations on their official Windsor home, the funding from which comes from public money. But a closer look at the numbers of the royal family’s annual financial report shows that the money for the Frogmore renovations equates to just £1.24 for each British taxpayer.

Funding for the refurbishment comes from the Sovereign Grant, the payment paid annually to the queen by the government in order to fund the Monarch’s official duties. For 2018 to 2019, this totalled $104.5 million, which works out to be less than two pounds per person for the year.

In total, the royal family spent £67 million this year on expenses, including property maintenance, staffing, travel, and state visits, public engagements, and official entertainment. The remaining £15.2 million was transferred to the Sovereign Grant reserve in order to fund the Re-servicing of Buckingham Palace. The total cost of these refurbishments is estimated to be around £369 million.

The facts on how much the royal family spends. But how much are they bringing to the table?

According to a report by consultancy Brand Finance, the monarchy contributed £1.8 billion to the UK economy in 2017, with around £550 million of that coming from tourism. Another statistic from VisitBritain’s annual survey states that tourism in the UK linked to royal residences such as Buckingham Palace and Windsor Castle adds up to 2.7 million visitors a year. Over 2.8 million people visited the Tower of London in 2017 alone, making it the most visited paid attraction for that year.

Contact Info:
Name: Jack Huang
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Organization: Truly Experiences
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Phone: +44-20-3890-3248
Website: http://www.trulyexperiences.com

Source: PressCable

Release ID: 88906573