Soaring inflation has even hit the the British royals – with King Charles ordering the heating to be turned down to save money and the planet.
The sovereign grant report reveals the royal family’s taxpayer-funded spending and income each year – and the latest update shows “inflationary pressures” have squeezed the new monarch.
The accounts show the royal homes such as Windsor Castle spent £2.7 million on gas and electricity last year, up from £1.4 million in the previous 12 months – despite energy consumption falling by 14 per cent.
The report goes on to state the monarch has said thermostats should be turned down to 19C (66F) – and 16C (F) in empty rooms – in an effort to cut greenhouse gas emissions.
In a press release accompanying the report, Michael Stevens, the royal treasurer, said: “You will not need me to remind you that this reporting period relates to a year in which inflationary pressures saw the price of many goods and services increase significantly for all organisations, in particular with regards to the cost of fuel and energy.”
Last week, the Bank of England raised interest rates for the 13th month in a row after data showed the downward trajectory of inflation has stalled at 8.7%.
The rising cost of living saw royal spending rise by 5% to £107.5 million, with staff costs up significantly. Meanwhile, the sovereign grant - money paid to the royals from the government - remained at £86.3 million.
The last year has been one of the busiest for the royal family in generations, with celebrations for Queen Elizabeth’s 70th year on the throne last June, followed by her death in September and the coronation of King Charles in May.
The report said £1.6 million had been spent by the royals on the queen’s funeral and related events. The British government said in May it had cost an estimated £162 million overall, which includes the cost of policing and security.
“The funeral service itself was believed to have been viewed by the largest worldwide audience for any live event in television history,” said Stevens.
But critics said the monarchy cost far more than the report suggested.
Graham Smith, chief executive of campaign group Republic, said: “The royals have long hidden their true cost, which we have worked out to be at least £345 million. That’s enough to pay for 13,000 new nurses or teachers.”