The Royal Family are to receive a significant pay rise this year (Image: Getty)
The is undoubtedly one of the wealthiest families in the world and they are about to become even wealthier as they are to receive a significant pay increase this year which will be funded by
In April, the amount of money given from the British public purse to the monarchy will increase by over £45 million, taking the funding of the Sovereign Grant to over £132 million —an increase of 53%.
The taxpayer-funded settlement, known as the Sovereign Grant, is paid annually which supports the maintenance of royal residences, travel, staffing, and other official duties.
Royal expert Richard Fitzwilliams said: “Technically, , as the sovereign, is the one who gets the money, but obviously it’s everything but a private spending account.”
The Royal Family will see a pay increase of 53% this year (Image: Getty)
The whopping pay increase has been described as “scandalous” by critics.
CEO of Republic Graham Smith told “This is public money, all of this money comes from the government, at a time when the government is not able to properly fund schools, hospitals, police.
“It is scandalous. Not only should it not be going up at all, it should be going down.”
However, Fitzwilliams belives the public “musn’t forget that the UK has the world’s most high-profile monarchy.
He added: “Britain wouldn’t be Britain without the royals. The monarchy is an extraordinary institution that shapes how we’re seen in the world, and it brings in a lot of money in return-e.g., from tourism.”
The largest chunk of the extra money will go towards the Buckingham Palace renovations (Image: Getty)
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The largest chunk of the extra money will go toward ensuring the extensive 10-year £369m renovations stay on time and within budget.
The refurbishment works will see all state visits relocated to Windsor Castle until 2027 while the state rooms are updated.
Last year, after having begun in 2018. This includes the famous central balcony area facing the Mall, which visitors were invited to see for the first time this summer.
The rest of the Sovereign Grant Fitzwilliams says will be used “to pay the staff of the royal household, to maintain the other palaces the royals own and to pay for official engagements and travel.”
Express.co.uk have contacted the Palace for comment.