The Royal Family

There is an ongoing debate about the British royal family and their wealth. Some view them as a grubby and corrupt institution, while others see them as the epitome of British history and majesty, bringing in billions through tourism and business. The departure of Prince Harry and Meghan Markle from the royal family has undoubtedly damaged the royal brand. The question arises: how much does the royal family actually cost, and is their worth justified? It's a complex assessment.

Apart from their personal wealth, the royal family receives an annual income of over 86 million pounds from the UK government. Buckingham Palace, worth a staggering 4 billion pounds, is home to the royal family for significant events. However, it is not available for sale, as it is independently managed, and any revenue generated from tourism goes to the state. The crown estate, the monarch's largest collection of land and property, includes valuable assets like Regent Street and extends to the seabed around the UK. The crown estate businesses made a profit of 312.7 million pounds in 2021, all of which is paid to the government, not the royals.

The sovereign grant, which covers the cost of maintaining palaces, wages for staff, and royal travel, amounts to the 86 million pounds mentioned earlier. Additionally, the royal family possesses considerable private wealth. The duchy of Lancaster, owned by the king, spans the country, while Prince Charles receives money from the duchy of Cornwall. Combined, they provide a private income of over 40 million pounds a year. Charles also inherited properties like Sandringham House and Balmoral Castle, along with the ownership of the nation's swans.

However, there are more costs beyond the annual sovereign grant. The government spends an undisclosed amount on security for every event attended by the royals. In total, it is estimated that the royal family could be costing the British people anywhere between 300 and 500 million pounds a year. But when considering the revenue from the crown estate and other economic benefits linked to the monarchy, they can be seen as good value for money.

Brand Finance, an organization that assesses the benefits brought by the royals to the UK, estimates that the monarchy generates about 2 billion pounds of uplift every year through tourism, stimulating various industries like air traffic, hotels, and restaurants. They also argue that the free advertising and business endorsements associated with royal events result in extra sales. Subtracting the estimated costs, the UK still gains around 1.5 billion pounds a year from its monarchy.

However, Republic, a campaign to abolish the monarchy, argues that the tourists would still come without a royal family and that an elected head of state would be more democratic. Recent scandals and a decrease in support for the monarchy as an institution have devalued the royal brand. Prince Harry and Meghan Markle have given up their income from the royal family, turning to lucrative book and TV deals. There are differing opinions on whether the royal family should continue, with some believing it perpetuates wealth and privilege without a mandate, while others appreciate the stability they represent during political and economic instability.

Despite the controversies, the royal family remains resilient. Westminster Abbey has been the setting for every royal coronation since 1066, and the upcoming coronation of Prince Charles, though less lavish than his mother's, is expected to cost the government tens of millions of pounds. While some, like Republic, will protest the coronation, many will be in London to celebrate, and millions worldwide will watch the ceremony on TV. Breaking with tradition won't be easy.

In conclusion, the monarchy is a contentious topic, with strong arguments on both sides. The royal family has faced challenges, but they continue to endure and adapt. Whether they can survive in the long run is uncertain.