The monarchy and British government face a balancing act in maintaining a high-profile royal family.
is promising a slimmed down, less expensive monarchy—an effort especially important at a time when the U.K. economy is struggling and Britons are facing the highest inflation in a generation.
However, it can still appear an expensive endeavor for taxpayers. Last year, the family cost the government at least £102 million, according to the palace’s annual financial report. Royal critics say the bill is higher, because of the costs of police protection for the family. Based on last year’s outlay, though, public financing for the British monarch came to about £1.50 per person in the U.K., cheaper than many other European monarchies.
The Duchy of Lancaster, the large portfolio that belongs to the monarch, includes £652.8 million worth of property and financial assets. Holdings include more than 45,000 acres of rural land, much of which has been with the portfolio since the 12th century. It includes quarries, farms, holiday homes and the land under London’s Savoy Hotel. It generates income, including rent, which the monarch uses to finance its role.
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