King Charles set for incredible £45million income boost as Crown Estate profits soar
Buckingham Palace's annual financial accounts have been published, having been delayed due to the General Election.
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King Charles and the rest of the Royal Family will see a boost of £45 million to their coffers with over 53 percent more annual official income thanks to the Crown Estate making huge profits.
The annual financial figures for the royals have been published this week, covering the first whole year of King Charles's reign, with the Crown Estate making a staggering £1.1 billion.
This extra money will enable the Sovereign Grant, which is funded by the government and pays for the work of the Firm, to be increased from £86.3 million to £132 million.
According to Palace officials the funds will be used to help pay for the final stages of the Buckingham Palace renovations, which will take ten years in total and cost £369 million.
Legislation will be brought in to help review the monetary boost though in 2026/2027, to ensure spending is kept at an "appropriate" level.
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Money from the Sovereign Grant will be used to update many aspects of royal life, including making some sustainable changes to help improve the Royal Family's carbon footprint.
The Firm will receive two new AgustaWestland AW139 helicopters to replace their 15-year-old Sikorsky models, an adjustment which is considered vital to help the royals travel around and reach remote locations.
His Majesty's state Bentleys are being converted to run on bio-fuel within the next year, with a view to switching to a fleet of official electric cars in the future, while solar panels have been introduced to Windsor Castle for the first time.
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Other changes will be made at the Palace itself, with the old gas lanterns being replaced with specially designed electrical fittings designed to be more energy efficient while also maintaining their historic look.
The Sovereign Grant is funded by the taxpayer in exchange for the King's surrender of the revenue from the Crown Estate, with that money being placed in the hands of the government.
The period covered by the most recent report - April 2023 until March 2024 - covers the time King Charles and Princess Kate spent away from official duties due to their cancer treatment.
But the period also covers the Coronation in May last year, a time of great celebration.
Sir Michael Stevens, Keeper of the Privy Purse, described the Coronation as a "glorious moment in our national story" but added: "If that was the high point in a royal calendar that would contain many subsequent moments of significance on the public stage, then there were also moments of personal challenge for the family at home, which have affected this year's report in a rather different way.
"In the early part of 2024 came the sad news that both His Majesty the King and the Princess of Wales would be withdrawing from public-facing duties temporarily, to prioritise their treatment and recovery from cancer.
"This inevitably impacted on the number and nature of engagements that had been planned - though may I say how encouraging it is to see the King back performing so many public duties and, more recently, the Princess similarly well enough to join the King's Birthday Parade and the men's Wimbledon final."
