This weekend, Queen Elizabeth will mark her platinum jubilee, with street parties and other festivities planned around the United Kingdom. Even if most of her duties are now ceremonial or merely symbolic, the Queen has now represented the country as Head of State and Head of Nation for 70 years. “Since the United Kingdom has no codified constitution, the role of Monarchy is determined by convention — a non-legal but nonetheless binding law,” according to the newest Sovereign Grant accounts. The ‘Sovereign Grant,’ which is funded by UK taxpayers, supports these jobs financially.
The expense of sustaining the Royal Family has been rising in recent years, as this infographic shows, with significant hikes in 2019 and 2021. According to the most recent reports, the monarchy spent £87.5 million in 2021. In a nutshell, the monarchy is funded by the UK government making an annual payment to the Royal Household known as the Sovereign Grant. The amount of money the Crown Estate real estate portfolio has brought in determines its worth.
The expenses necessary to fund refurbishment work at Buckingham Palace have been a major element in escalating costs in recent years. The electrical, heating, and plumbing systems in the royal home were all installed in the 1950s and are in desperate need of renovation. Wiring and pipes will be updated as part of a 10-year rehabilitation plan, and asbestos will be removed from the structure. In addition, new elevators will be erected to help impaired tourists.