Royal Family may soon have to pay their own rent
What's the story
King Charles III is planning to bring about a major change in the monarchy and modernize it by reducing the financial dependency of the royal family. He has decided to remove the subsidized rent and housing for working royals. According to reports, the king expects the Royal Family members to pay the rent for their homes, and bear personal expenses.
Properties
Properties will be let at commercial rates going forward
Many extended members of the Royal Family have been living in subsidized palace accommodations in London for years now when they don't even have an active role to play. "Properties will be let at commercial rates going forward and to people outside the family. Where it is in a palace environment they will of course be security vetted," a source told the Evening Standard.
Resources
King Charles wants to utilize his resources effectively
According to sources, King Charles wants to utilize his finances and resources properly which led him to take this decision. He wants to hire new staff and offer benefits, pensions, and competitive salaries to them. "The boss wants effective people in effective positions doing effective jobs being paid appropriately," the source told the Evening Standard. He wants the monarchy to be "fit for purpose."
Coronation
A proper plan will be created after the King's coronation
King Charles is in discussion with his son Prince William to bring about the changes effectively. After the king's coronation in May, a plan is expected to be prepared by Vice-Admiral Sir Tony Johnstone-Burt, Master of the Household, and the Keeper of the Privy Purse Sir Michael Stevens. They will also look into the inefficacies in the royal household.
Wealth estimate
Royal Family's wealth is estimated to be Rs. 2.83 trillion
After the death of Queen Elizabeth II, the finances of the Royal Family were discussed with royal expert Katie Nicholl. The expert termed the estimation of their wealth as conservative. According to Forbes, the overall wealth of the Royal Family is estimated to be Rs. 2.83 trillion. They take profit from the crown estate and the rest is handed over to the government.