The palace’s annual income, outside government funding, fell to £9.4m from £20.2m last year and the 53% loss was caused by the effects of the covid-19 pandemic according to the Crown Estate annual reports
This financial year, the Royal household's spending came to more than the Sovereign Grant and the supplementary income earned, with a total net expenditure of £87.5m, a 26% increase when compared to the previous year.
This was driven by increased spending on maintenance and renovations at Buckingham Palace, which cost £17.6m, an 83% increase. The overall £369m reservicing programme is allocated to update the electrical cabling, plumbing, and heating at Buckingham Palace over 10 years and is running to time and budget.
The grant is made up of a core grant of £51.5m which funds official travel, property maintenance and the operating costs of the Queen’s household, and an additional dedicated amount for reservicing of £34.4m The grant also included £2.4m which was paid by Meghan Markle and Prince Harry to settle the renovation costs for their residence at Frogmore House.
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