King's official income to rise by more than 50%

The king is set for a £46m pay rise with an increase of more than 50% in his official annual income, official accounts have revealed.

- Caroline Davies, David Pegg

Profits of £1.1bn from the crown estate - a percentage of which funds the monarchy - means the sovereign grant, which supports the official duties of the royal family, will rise from £86m in 2024-25 to £132m in 2025-26.

The monarchy currently receives 12% of the crown estate profits to fund its work and also to fund the £369m, 10-year renovation of Buckingham Palace.

Royal aides said the increase will be used to complete the palace reservicing programme by 2027.

The sovereign grant will be reviewed in 2026-27 to ensure it is an "appropriate level".

Royal accounts also show that the Prince of Wales received £23.6m from the Duchy of Cornwall in his first full year after inheriting the land and property-owning estate from his father.

The duchy surplus meets the costs of the official, charitable and private lives of the Prince and Princess of Wales and their three children. As his father did, William pays a standard rate tax on the amount once official costs have been deducted, aides said.

The significant increase in the sovereign grant in 2025-6 and 2026-7 "will be used to fund the final stages of the Buckingham Palace reservicing programme, enabling it to be complete both on time and on budget," said Sir Michael Stevens, the king's keeper of the privy purse.