Turn them down: King Charles’ order, as soaring inflation hits royal finances

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KEY POINTS
  • King Charles has ordered the heating in royal homes to be turned down in a bid to cut greenhouse gas emissions.
  • It comes as the annual Sovereign Grant reported the royals spent millions on the Queen’s funeral and related events.
  • Royal spending rose by five per cent amid soaring inflation.
Soaring inflation has hit the finances of the British royals, pushing up expenditure, Buckingham Palace says, as it revealed King Charles has ordered the heating in royal homes to be turned down to cut emissions.
The annual Sovereign Grant report, which details the royals’ taxpayer-funded spending and income, said the monarch advised thermostats should be turned down to 19C to cut greenhouse gas emissions, in keeping with his long-term environmental campaigning.

“You will not need me to remind you that this reporting period relates to a year in which inflationary pressures saw the price of many goods and services increase significantly for all organisations, in particular with regards to the cost of fuel and energy,” Michael Stevens, the royal treasurer, said on Wednesday.

The last year has been one of the busiest for the royal family in generations, with celebrations for last June, followed by and the in May.
The report said STG1.6 million ($3 million) had been spent by the royals on the Queen’s funeral and related events. The British government said in May it had cost an estimated STG162 million ($310 million) overall, which includes the cost of policing and security.

“The funeral service itself was believed to have been viewed by the largest worldwide audience for any live event in television history,” said Mr Stevens, whose official title is Keeper of the Privy Purse.

Buckingham Palace exterior view

King Charles advised thermostats in royal homes should be turned down to 19C to cut greenhouse gas emissions. Source: Getty / Stuart Wilson

Royal spending rose by five per cent to STG107.5 million ($206 million), with staff costs rising significantly, while the Sovereign Grant – based on surplus revenue from the Crown Estate, a property portfolio belonging to the monarchy, remained at STG86.3m ($165 million) and additional income fell slightly to STG9.8 million ($18.7 million).

The report said the proportion of ethnic minority employees had stayed at 9.7 per cent, missing its target of reaching 10 per cent by the end of 2022. It has set a new target of 14 per cent by 2025.
Mr Stevens said gas and heating emissions had fallen 19 per cent, partly driven by the king having the thermostats turned down, and a 43 per cent decrease in travel emissions.

Mr Stevens also disclosed that King Charles’ younger son Prince Harry and his wife Meghan had vacated their Frogmore Cottage home on the Windsor Castle estate and had paid back all taxpayer-funded spending on the property, “leaving the Crown with a greatly enhanced asset”.

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