London
CNN
—
The British Royal Household released its financial statement on Monday, revealing that the annual lump sum from the government remained at £86.3 million ($118.50 million).
The sum, called the Sovereign Grant, pays for the upkeep of royal palaces and the royals’ official duties and is funded by British taxpayer money. In return, the monarch hands over all profits from the Crown Estate — which includes vast swathes of central London property, the Ascot Racecourse and the seabed around England, Wales and Northern Ireland — to the government, in an arrangement dating back to 1760.
The Sovereign Grant functions like an expense account for the monarch and…
