Inflation hits royalty: Carlos III cuts heating to save

Rising inflation has affected the finances of the British royals, sending their spending skyrocketing, Buckingham Palace said on Thursday, revealing that King Charles had ordered heating down in royal homes to reduce energy costs and emissions. .

The annual Sovereign Grant report, which details the expenditures and royal income funded by taxpayers, notes that the monarch had ordered heaters to be lowered to 19 degrees Celsius to reduce greenhouse gas emissions, in line with his long-standing environmental campaign.

"I need not remind you that the report refers to a year in which the inflationary pressures caused the price of many goods and services to rise for all organizations, particularly the cost of fuel and energysaid Michael Stevens, royal treasurer.

Being one of the busiest years for the Royal familythe report claims that the royals spent 1.6 million pounds (2 million dollars) on the queen's funeral and related acts.

Actual spending increased by 5% to £107.5m, with increased staff costs, while the Sovereign Grant - based on a portfolio of monarchy properties– remained at 86.3 million pounds and additional income fell to 9.8 million.

The report also points out that the proportion of employees belonging to ethnic minorities has remained at 9.7%, missing its target of reaching 10% by the end of 2022. However, a new target of 14% has been set for 2025.

Stevens said the gas and heating emissions decreased by 19%, partly thanks to the fact that the king had turned down the thermostats and that emissions from travel had decreased by 43%.

Critics of the royals said that the monarchy cost much more than the report suggested, and claimed that the prince williamwhich received £6m from his inherited estate from the Duchy of Cornwall, should publish full details of its annual accounts.

"The royalty has long concealed its true cost, which we have estimated to be at least £345m. That's enough to pay 13,000 new nurses or teachers," said Graham Smith, managing director of campaign group Republic.

Stevens also said that the prince harryand his wife Meghanthey evicted his house from Frogmore Cottage, on the estate of the windsor castleand reimbursed all taxpayer-funded property expenses, “leaving the Crown with a rather bolstered asset.”