Royal Family has issued its financial statements today. The sovereign funding report for financial year 21/22 shows that Queen Elizabeth spent $56,300 on one train ride. The nation wanted to know the credibility of this financial report.
The Sovereign Grant is the funds allocated to Queen Elizabeth. It is to support her official activities and to maintain the Occupied Royal Palaces. It also includes a ten-year reservation at Buckingham Palace. A sovereign grant involves a comprehensive upgrade of vital building services such as electrical wiring, piping, boilers, and generators.
The total Sovereign grant amount is £86.3m. However, If it is a divide among residents of the UK it will be equivalent to £1.29 per person. This £86.3m includes official travel, property maintenance, The Queen’s household operational expenditures, and a special amount for Reservicing of £34.5m. In the United Kingdom, the basic grant is equivalent to 77p per person.
The income collected to augment the Sovereign Grant was £9.9 million. There was an increase of 5% from the previous financial year £9.4m in 2021-2022. Official expenditure includes official visits from all over the world. Surprisingly official expenditure was more than the Sovereign Grant and the supplementary income earned. However, Net expenditure of £102.4 million, a 17% increase on the previous year. It also includes Queen Elizabeth’s spending on one train ride, which costs £56,300.
Reduction in Sovereign Grant
The Sovereign Grant reserve has cut by £14.6 million. £2.3 Million reduced in Sovereign Grant in the years 2020-21. However, many of the engagements take place virtually due to Covid-19 restrictions. Whereas 2,300 official engagements took place. These arrangements took place across the United Kingdom and across the world.
At Buckingham Palace, which was essential to The Queen’s Platinum Jubilee festivities, the Reservicing Program continued growing annually. The West Wing has had significant renovations, including the Grand Entrance, Grand Staircase, Minister’s Stairs, Marble Hall, and Picture Gallery. Property maintenance works in these spaces have also complete.
Sir Michael Stevens, Keeper of the Privy Purse, said
“Looking ahead, with the Sovereign Grant likely to be flat in the next couple of years, inflationary pressures on operating costs and our ability to grow supplementary income likely to be constrained in the short term, we will continue to deliver against our plans and manage these impacts through our own efforts and efficiencies.”