Republic, a group campaigning to scrap the monarchy in the UK, has launched a fresh petition in which they brand the Sovereign Grant a “scandal”. In its latest anti-monarchy campaign, the group is demanding MPs to get rid of the Sovereign Grant and fund the Crown through annual budgeting.
Upon announcing their latest anti-monarchy campaign, the group wrote on Twitter: “The Sovereign Grant is a scandal.
“It is not calculated based on need, but based on a percentage of profits of the Crown Estate. Why isn’t the royal budget worked out like other public spending?
“Why isn’t it budgeted for annually and based on what’s needed? Instead it just keeps going up. But here’s the icing on the royal cake: the grant can never go down!
“Thanks to a ‘golden ratchet’, a clause in the Sovereign Grant Act says that if Crown Estate profits fall, the grant cannot go down.
“And of course the grant is only part of the total annual cost of the monarchy, which we estimate to be at least £345m a year.”
The Sovereign Grant was created in 2012 and is payment the Government makes to the Queen every year.
This sum paid into the Grant is at a value indexed as a percentage of the revenues from the Crown Estate.
Royal Trustees – the Prime Minister, the Chancellor of the Exchequer and the Keeper of the Privy Purse – review the index percentage every five years.
In 2016, trustees recommended a rise from 15 percent to 25 percent of the value of Crown Estate income used to calculate the grant to fund the £369million refurbishment of Buckingham Palace.
However, this doesn’t mean the amount paid into the Grant by the Government changes only every five years, as it fluctuates accordingly to the Crown Estate revenues.
DON’T MISS Royal snub: Can Queen strip people of honours? [ANALYSIS] Kate voted Royal Family’s leading role model through pandemic [POLL] Queen and Prince Philip ‘show confidence’ in ‘King William’ [INSIGHT]
Since 2012, the Sovereign Grant has been rising each year at a rate higher than the rate of inflation.
The level of the Grant is protected by law from decreasing should the Crown Estate revenues fall – as it has happened this year due to the ongoing coronavirus pandemic.
The Queen and other senior royals aren’t funded solely by this Grant.
The Sovereign Grant Republic wishes to scrap only covers for a small part of the total costs the Crown incurs to carry out official duties.
MORE TO FOLLOW