Anti-monarchy group reacts to increase in royal family's Sovereign Grant

The anti-monarchy group Republic has reacted after the palace released royal family's latest financial reports.

In a statement on its official website, the group said, “the Sovereign Grant continues to rise at an astronomical rate, yet this is just a small part of the appalling cost of the monarchy."

It further reads that the royals are estimated to cost the British people more than £345m every year. “Add the profits of the two Duchies, which are state assets, the bloated security bill and costs met by local councils around the country and the total bill is huge.”

Republic CEO Graham Smith said: "People rightly complain about the cost of the Rwanda scheme over the last two and a half years, yet we have spent more over the same period on the royals. More than £345m a year to provide us with just one head of state."

He further said, "The Duchies are state assets, it’s time their profits were diverted to public services and local communities, not the pockets of two billionaires."

"We do not owe the royals a living, we do not owe them palatial homes, private helicopter travel or lives of leisure and luxury."

Palace released the Royal Household's annual financial statement - the Sovereign Grant Report for the financial year 2023-24 on Wednesday