King Charles had to dig into savings to pay bills during the cost-of-living crisis

As we previously discussed, it’s Financial Disclosure Week over in the UK. This always happens mid-year, at the end of the second quarter of the calendar year, although the time frame the Windsors are accounting for is the previous “business year.” In this case, that means April 1, 2022 through March 31, 2023. King Charles became king a little over four months into the business year, but Buckingham Palace still has to do some kind of disclosure for the entire business year. There are some disclosures getting more attention than others, like the stuff about how Charles was keeping all of the palaces and castles somewhat chilly over the winter (about 66 degrees Fahrenheit) as a cost-cutting measure. Some highlights from Buckingham Palace’s disclosures:

Charles had to dig into his savings: The King has been hit by the cost-of-living crisis but has drawn on reserves to increase his taxpayer-funded spending by five per cent to £107.5 million in the past year. Faced with no increase in his £86.3 million Sovereign Grant from the Government for three years, the 74-year monarch has dug deep into savings but has been forced to shelve major projects because of the cost of inflation and rising utility bills.

Inflation: A £369 million refurbishment of Buckingham Palace has been slowed because 10 per cent inflation and higher energy and other bills left no room for cash to be diverted to the major 10-year project. Aides insist the palace reservicing, which is due to conclude in 2027 will still be finished on time, allowing King Charles and Queen Camilla to move into the North Wing of Buckingham Palace in four years’ time, despite the slowdown this year. But other significant maintenance work has had to be delayed until the economic outlook improves. Spending on property maintenance has been cut by 10 per cent.

Gas bills: The palace gas and electricity bill almost doubled from £1.4 million to £2.7 million in the year to March 31, 2023. In an effort to cut emissions, for environmental reasons as well as cost, the heating has been turned down at Buckingham Palace and other royal homes. Guests, staff and the Royal Family were living with temperatures set at 19C during the winter and a few degrees lower when rooms were empty but it has been turned down, along with the heating in the Buckingham Palace swimming pool, to reflect King Charles’s concerns.

Empty Kensington Palace apartments: Four years after the Duke and Duchess of Gloucester downsized and moved out of their 21-room apartment next door to Prince William and Kate’s little used and similarly sized home at Kensington Palace, their former home – Apartment 1 – still remains empty and unfit for habitation. Workmen removed dangerous asbestos but a complete refurbishment of the property has been postponed because of a lack of money. It joins a growing list of empty properties on the royal estate, including Prince Harry and Meghan’s former home, Frogmore Cottage at Windsor.

[From The Daily Express]

“The King had to dig into his savings” is such a crazy statement, given that Charles inherited billions of pounds in cash, investments, jewelry, art and real estate TAX-FREE when his mother died. He inherited the Duchy of Lancaster, one of the most secretive portfolios in the world. He now has God knows how much money squirreled away in offshore accounts. We only have his word that he put suitcases full of cash into his charities. But sure, he kept the heating below 67 degrees! Honestly, though, the fact that there are all of these grand apartments and homes sitting empty is pretty crazy – the Gloucesters moved out of KP, William and Kate are rarely in KP, Charles evicting the Sussexes from Frogmore Cottage, Charles evicting other royals from their palace apartments. All of those empty palaces, castles, mansions, cottages.

Photos courtesy of Backgrid.

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