Does the Royal Family really benefit the economy?

Chris Jackson/Getty Images

The idea that the Royal family brings in a lot of money for the country and pay their way is a very convenient one for those who simply love a bit of Wills and Kate.

Last week they were in the news for the £369 million repairs to Buckingham Palace, which a petition lobbied for the crown to fund, as opposed to the taxpayer.

However, this is already the case - the money is coming from the 'Sovereign Support Grant', which replaced the Civil List in 2013. This grant is currently funded by 15 per cent of the revenue of the Crown Estate.

A British tourism agency has reported that the Royal Family generates close to £500 million every year, an oft-quoted number.

So what do the actual numbers look like when you total things up for a net figure?

See the below chart by Statista for a brief breakdown:

So actually, it seems by this tally that they do more than pay their own way.

However, the Campaign group Republic, which campaigns for the abolition of the monarchy, estimates that the family actually costs the UK £334 million a year.

Republic chief executive Graham Smith told the Independent:

There isn’t any evidence to suggest there is any economic benefit to the royal family.

Any benefit mentioned is from assets that belong to the nation - like tourist attractions - which would still belong to the nation if the monarchy was abolished.

HT Business Insider

More: Petition demands Royal Family pay £369m Buckingham Palace repairs themselves

The Conversation (0)