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King Charles and the British royal family will receive $160 million from the Sovereign Grant from 2025 - a significant increase on the sum the family has received in previous years.
Last week, a report from the UK treasury revealed that the Sovereign Grant would be cut from 25 percent to 12 percent for 2024 to 2025 onwards, "reflecting a significant increase in Crown Estate Profits from offshore wind developments."
According to the report, the money would "instead be used to fund vital public services, for the benefit of the nation."
However, while the percentage has been cut, the huge increase in profits generated by the Crown Estate means that the royal family will in fact receive more money.
According to The Guardian, public funding for the monarchy will bump up 45 percent starting in 2025, from about £86 million ($110 million) to nearly £125 million ($160 million) starting in 2025.
A Buckingham Palace spokesperson told The Guardian that the increase is temporary to fund maintenance work at Buckingham Palace between 2025 and 2027.
The Crown Estate was established by Parliament in 1961, and its lucrative portfolio includes land, coastline and seabed throughout the U.K.
It is not privately owned by the sovereign and it operates as an independent, commercial business, its FAQ explains.
The current Royal Trustees of the estate, who decide how the money generated is spent, are Prime Minister Rishi Sunak, Chancellor Jeremy Hunt and Sir Michael Stevens, Keeper of the Privy Purse.
The trustees agreed to increase the Sovereign Grant based on Royal Household's current income and expenses, the level of the Sovereign Grant Reserve and the costs of major projects ahead.
(CGTN)
