Do the royals bring in more money than they cost?

The age-old argument of whether the royal family brings in more money than they cost was neatly put to bed once and for all by a caller on the Jeremy Vine show.

Arguments over whether a working royal family is worth the hundreds of millions of pounds taxpayers shell out for them each year have resurfaced as families across the country feel the pinch amid the ongoing cost of living crisis.

The total Sovereign Grant for 2022-23 was £86.3 million, but that does not include the cost of security for the royal family and some critics argue that official figures vastly underestimate the true burden on the taxpayer.

Republic, an organisation that lobbies for an elected head of state, has estimated the total annual cost of the monarchy to be £345 million.

Critics also point to indirect costs, such as the royal family’s exemption from inheritance taxes, although King Charles, like Queen Elizabeth II before him, does voluntarily pay tax on the income from his private estate.

Does the royal family bring in money from tourism?

The amount of money the royals contribute back in the form of tourism spend is also a topic of contention.

While the history and heritage associated with the royal family might add to the UK’s appeal as a tourist destination – it is questionable whether a reigning monarchy is necessary for this attractiveness to continue.

Over the last few years, the family has been beset by scandals and has spent more time trying to protect its reputation than focus on adding hard-earned cash to the UK’s coffers.

The chance of a tourist actually seeing a member of the royal family is slim to none, and the likelihood of them recognising some of the more minor members of the royal family is equally non-existent.

Windsor Castle vs Chester Zoo

As one Jeremy Vine caller pointed out in a recent debate on the matter, the Palace of Versailles gets 20 times as many visitors as Buckingham Palace.

“Windsor Castle isn’t even the most popular destination in Windsor, which is Legoland”, he added.

According to figures from the Association of Leading Visitor Attractions and the royal household’s own figures for their residences, Buckingham Palace is at best the 69th most popular attraction in the UK.

Windsor Castle does better but is still only at number 18, behind Chester Zoo, Somerset House, Edinburgh Castle and the Botanic Gardens in Kew.

It all leaves a gold-plated question mark over royals so-called value for money.

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