 The King's allowance to fund his official duties has been more than halved, the Treasury has announced. The Sovereign Grant will be lowered from 25% to just 12% of the crown Estate's net profits, totaling £86.3 million. The Royal Household's budget will be £24 million lower next year, and £130 million lower in both 2025 and 2026 than if the rate remained at 25%. The reduction came out of a review by Royal Trustees, which was published on Thursday. Prime Minister Rishi Sunak, Chancellor Jeremy Hunt and Keeper of the Privy Purse Sir Michael Stevens are the royal trustees. The Treasury said: 'Cutting the rate to 12% is expected to reduce the Sovereign Grant by £24 million in 2024/25, compared with the rate staying at 25%, and over £130 million lower in each of 2025 and 2026. 'This money will instead be used to fund vital public services, for the benefit of the nation.' The cost of the Queen's funeral forced officials to dip into reserves (Picture: AFP) It comes after the Crown Estate's profits from offshore wind deals were boosted. It made £442.6million profit last year, £130million up on the previous year. The King asked in January for the wind farm profits to be used for the wider public good instead. The late Queen Elizabeth II's death and the soaring cost of living forced royal officials to dip £20.7 million into their reserves. Last year's Platinum Jubilee celebrations cost a further £700,000. Around £107.5million was spent on royals, but the cost to the taxpayers remained static at £86.3million. Around £107.5million was spent on the royals last year (Picture: Pool/AFP via Getty Images) Sir Michael Stevens, Keeper of the Privy Purse, said that it had been an 'exceptional year' for the Royal Household. He added: 'It relates to a year of grief, change and celebration, the like of which our nation has not witnessed for seven decades.' Royal payroll cost){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
The King’s allowance to fund his official duties has been more than halved, the Treasury has announced.
The Sovereign Grant will be lowered from 25% to just 12% of the crown Estate’s net profits, totaling £86.3 million.
The Royal Household’s budget will be £24 million lower next year, and £130 million lower in both 2025 and 2026 than if the rate remained at 25%.
The reduction came out of a review by Royal Trustees, which was published on Thursday.