Buckingham Palace reported Wednesday that the cost of running the royal family increased 4.2% this year over last year.
The increase has brought the amount per person it takes to fund the queen’s family and household spending of GBP 37.4 million to about 64 pence, an increase of 1 pence over last year.
Though the cost of the royal family is up this year from 2005’s cost, Alan Reid, Keeper of the Privy Purse says the cost is down since 2001, decreasing in real terms by about 2.5%.
“The reduction in the amount of Head of State expenditure reflects the continuous attention the Royal Household pays to obtaining the best value for money in all areas of expenditure,” says Reid.
The death of Princess Diana in 1997 marked a turning point in public opinion of the monarchy’s wealth, when amid public complaints and demands for transparency the monarchy became more open and accountable.
The queen agreed shortly thereafter to scrap her royal yacht Britannia rather than request a replacement that would cost the public roughly GBP 60 million.