Queen Elizabeth ll will celebrate her platinum jubilee this coming weekend, with street parties and other events planned all around the United Kingdom.
The Queen has now represented the country as Head of State and Head of Nation for 70 years, even if most of her duties are by now formalities or purely symbolic. As stated in the latest Sovereign Grant accounts:
"Since the United Kingdom has no codified constitution, the role of Monarchy is defined by convention – a non-legal but nevertheless binding rule".
These roles are supported financially by UK taxpayers via the 'Sovereign Grant'.
As Statista's Martin Armstrong shows in the infographic below, the cost of maintaining the Royal Family have been rising in recent years, with dramatic increases recorded in 2019 and 2021.
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The latest accounts show that the monarchy cost £87.5 million in 2021.
In a nutshell, the system of funding the monarchy works when the UK government makes a payment called the Sovereign Grant to the Royal Household every year.
Its value is determined by how much money the Crown Estate real estate portfolio has brought in.
One major factor causing the rising costs in recent years are the expenses required to fund renovation work at Buckingham Palace.
The royal residence's electrical, heating and plumbing systems all date from the 1950s and are in urgent need of replacement. As part of 10-year renovation plan, wiring and pipework will be replaced while asbestos will be removed from the building. New elevators will also be installed to assist disabled visitors.