LONDON — King Charles III has vowed to streamline the royal family, which would make it less of a burden on British taxpayers.
But a report on the family’s finances, released on Thursday, shows that goal remains elusive: The king had to dip into reserves to pay for swelling expenses in a year of momentous royal change.
The death of Queen Elizabeth II and the inflation-fueled cost of refurbishing Buckingham Palace drove the family’s official expenses to more than 107 million pounds ($135 million) in the last financial year.
That forced Charles to draw 20.7 million pounds ($26 million) from a reserve fund to cover a shortfall between the expenses and the annual grant that the family receives from the government.
Charles is midway through an expensive home improvement project at Buckingham Palace, which means he and Queen Camilla are still living at his nearby residence, Clarence House.
Persons:
Charles III, Queen Elizabeth II, Charles, —, Queen Camilla, Clarence House
Locations:
Buckingham