(NBC NEWS) — 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.
It is based on a proportion of profits from the Crown Estate, which is independently run and has assets worth billions of pounds, including some of London’s most expensive real estate.
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