The British Royal Family <\/b>is beloved in countries around the world but it takes a substantial sum of money to keep it afloat. Ultimately it is the British taxpayer that must foot the bill. <\/p>\n
This week the annual budget received from the government was released, revealing that the British Royal Household receives $118.5 million (\u00a386.3m)<\/b> in taxpayer money. <\/p>\n
That sum is known as the \u2018Sovereign Grant<\/a>\u2019 and it is broadly used to maintain the Royal Family, as well as ensuring the upkeep of royal palaces and fund official duties. The latest annual figure is split between two parts: $71.1 million (\u00a351.8m) in a core grant, along with $47.4 million (\u00a334.5m) to pay for the ongoing refurbishment of Buckingham Palace. <\/p>\n However the funding is not entirely one-way. In return, the proceeds from the Crown Estate<\/b> – all of the lands and properties owned by the monarch – are then handed back to the government. <\/p>\n<\/p>\n The funding provided to the Royal Household allows them to maintain the prominent position in British and global society, a key facet of Britain\u2019s tourism industry<\/a>. Royals, including King Charles, also regularly appearance at events around the country and host receptions that have real diplomatic power for the UK. The annual Sovereign Grant Report explains: \u201c1,900 public engagements in the UK and overseas<\/b>, while more than 93,000 guests attended 828 events at Official Royal Palaces.\u201d<\/p>\n The Royal Family will continue to live an extremely lavish lifestyle but there are some cutbacks being made. The most notable of which was the decision to retire the Royal Family\u2019s train<\/a> in a cost-saving measure. <\/p>\n The existence of a \u2018Royal Train\u2019<\/b> dates back to 1842, when Queen Victoria first boarded a specially-built carriage for a trip from Slough to London\u2019s Paddington Station. The current edition<\/a> is much-changed and now includes luxurious sleeping quarters and an office. <\/p>\n It\u2019s not cheap, though. King Charles\u2019 trip to Staffordshire earlier this year cost a total of \u00a344,822<\/b>. The storage of the train at a secure facility are also extremely costly and the decision has been made to retire the royal transportation in 2027.<\/p>\n Related stories<\/p>\n Get your game on! Whether you\u2019re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all.<\/p>\n