Buckingham Palace financial report: new website collates royal earnings and spending
With news that the royal household spent £1.7million last year on food and drink alone – one of the tasty morsels from the Buckingham Palace financial report – we asked true-cost-of-the-royal-family.com to give us some stats on those big days with big spending, the royal weddings, and their financial impact over five years.
While commentators are up in arms over the Queen and co’s spending, it is worth considering that over the past five years, the royal family as a whole is judged to have contributed approximately £2.8 billion to the UK’s economy. They actually contribute more than they spend! The British royals made overall contributions of £595 million through tourism, merchandise and the arts in 2018. In the same year, they cost the economy £165 million.
The research, conducted using a wide variety of sources including official royal financial reports, the Office for National Statistics and Republic, is collated in a new website that compares them to the Belgian and Spanish counterparts.
The most significant single factor is surplus money from the Crown Estate, which in 2018 paid £329 million to the Treasury. With property valued at around £12 billion, it is one of the largest landowners in the UK.
However, the British royal family still cost the UK 23 times more than their counterparts cost Spain last year, at £165.2 million against the equivalent of £6.8 million.
Admissions to key attractions linked to the monarchy, such as tours of Buckingham Palace and The Queen’s Gallery, brought in £41 million last year – broadly similar to that generated in Belgium – with a further £18 million coming from merchandise sales. So it is no surprise that the top 10 visitor attractions in the UK are London based.
The new website is a brilliant way to get a well rounded picture of the royals’ contribution to the economy; not just their cost.
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