The King of Spain gives himself a paycut

Felipe VI has imposed a hefty pay cut on himself, which will result in him earning 20 per cent less than his father, Juan Carlos, who abdicated last June.

According to the royal household’s first annual budget since Felipe, 47, became king, the new monarch will receive a gross yearly salary of €234,204 (£173,000).

Juan Carlos received €293,000 in his last year as King, in 2014. The monarchy’s total budget will remain frozen at €7.8m, making it one of the lowest in Europe. The British Royal Family’s budget was a reported £31m in the 2012-2013 financial year.

Since Felipe came to the throne last summer, the Spanish palace has stepped up efforts to improve the monarchy’s image, with family members now banned from working in the private sector.

A code of conduct, outlining what sort of gifts can be accepted by the monarchy, has also been published.