Even the King is tightening his belt

Charles digs deeps into savings as he is hit by cost-of-living crisis 

- Richard Palmer

THE King is feeling the financial squeeze and has drawn on reserves to increase his taxpayer-funded spending by five per cent to £107.5million in the past year.

The monarch is also doing what millions of his subjects have been forced to do turn down the heating at home.

With no increase in his £86.3million Sovereign Grant from the Government for the past three years, King Charles has had to dig deep into royal savings.

He has also been forced to shelve major projects due to the cost of inflation and rising utility bills that are squeezing Britain hard.

A £369million refurbishment of Buckingham Palace a 10-year scheme - has been slowed down.

Its gas and electricity bill almost doubled from £1.4million to £2.7million in the year to March 31.

And in an effort to cut emissions, for environmental reasons as well as cost, the heating dial has headed downwards in rooms at Buckingham Palace and other royal houses.

The temperature has also gone down in the Palace swimming pool.

Aides insist the refurb, which is due to end in 2027, will be finished on time despite the slowdown in works. It will allow King Charles and Queen Camilla to move into the north wing in four years.

But other significant maintenance work across royal homes has been delayed until the economic outlook improves, with spending cut by 10 per cent.

The were disclosed in figures the Sovereign Grant report, which revealed the Palace spent £700,000 of taxpayers' money on the Queen's Platinum Jubilee and £1.6million on her funeral.