Royal Finances

The 'Value for Money Monarchy' Myth

Download the full report

The huge waste and extravagance of the monarchy is a symptom of the main problem: the palace is totally unaccountable and is able to operate with a far greater degree of secrecy than any other part of the state. It also clearly has considerably lobbying clout within government, which explains why the government hasn't cracked down on royal spending.

The 'Value for Money Monarchy' Myth report sets out the details of the true cost of the monarchy, estimated to be over £200m.

You can download the full report as a pdf.

Key Findings

• The estimated total annual cost of the monarchy to taxpayers is £202.4m, around five times the official figure published by the royal household (£38.3m last year).
• The official figure excludes a number of costs, including round-the-clock security, lavish royal visits and lost revenue from the Duchies of Lancaster and Cornwall.
• Civil List expenditure has increased by 94 per cent in real terms over the last two decades.
• £202.4m is equivalent to 9,560 nurses, 8,200 police officers and more than the total annual Ministry of Defence spending on food. The total cost is also equivalent to a number of high profile government cuts, including cuts to the Sure Start programme.
• The British monarchy is 112 times as expensive as the Irish president and more than twice as expensive as the French semi-presidential system.
• Britain's royal family is the most expensive in Europe at more than double the cost of the Dutch monarchy.
• Taxpayers are kept in the dark about the exact cost of the monarchy, due to the royal household's exemption from the Freedom of Information Act and widespread misunderstanding about the nature of the royal family's finances.

Read the full report.

Royal Finances Reform Charter

Republic's Royal Finances Reform Charter proposes the following simple reforms, to improve accountability, transparency and fairness in royal finances and to appropriately assign public funds to the Treasury.

1. Parliament to set an annual fixed budget for the monarchy - including an annual salary for the Queen - to be managed and reported on by a government department, not Buckingham Palace.
2. All security costs to be made transparent and accountable.
3. All costs of royal visits around the country to be incorporated into the monarchy's budget, not met by local authorities.
4. The institution of the monarchy, and all members of the royal household, to be required to abide by the same tax laws and rules as all other public bodies and private individuals.
5. The Duchies of Lancaster and Cornwall to be fully investigated by parliament with a view to transferring them into public ownership, with all revenue going to the Treasury.
6. The monarchy's finances to be scrutinised by the National Audit Office like any other public body.
7. The Crown Estate to be renamed 'the National Estate' and its status clarified through amendment of the Crown Estate Act.