Royals unveil first annual accounts
The Royal Family cut its spending to £35m in the last year, according to the first annual breakdown of the cost of the monarchy.
And according to the keeper of the privy purse, Sir Michael Peat, the monarchy didn’t cost the public a penny when the revenue from the Crown Estate was taken into account.
‘The £48m reduction in head of State expenditure together with the £42m increase in Crown Estate revenue mean that the net annual contribution made by the Queen to the Exchequer has increased by £90m during the last nine years,’ said Sir Michael.
The Queen surrenders money from the Crown Estate to the Treasury under a deal brokered in the 18th Century in return for parliament agreeing to fund the Civil List.
Previously the report on the monarchy’s finances has been published every ten years. But in an effort to make the Royal Family more transparent, a financial statement will now be made every year.
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