Elizabeth II’s funeral: How much will it cost the British?

The cost of the Queen’s funeral has not been the subject of an official press release, so it is difficult to know how much it will cost. But figures are circulating, with some talking about 35 or 40 million euros. Security alone is 10 million euros.

It was the first state funeral the country had known since Winston Churchill’s death in 1965, so the event must represent the spirits. Diana’s funeral in 1997 cost nearly €4 million, and the Queen Mother’s funeral in 2002 was nearly €6 million. Below are the predictions for Elizabeth II’s funeral.

Beyond the direct costs generated by ceremony, security, technical means etc. We must also take into account the economic costs associated with the days off work granted to the English following the death of their king, the costs of reprinting currency, stamps and replacing passports. It’s an addition that could climb quickly as Britons experience high inflation and an energy price crisis. A weak period could see GDP fall 0.2% for September as the stock market and many businesses close. The expert quoted the world.

Funding from the royal family in various ways

The question of the cost of the Queen’s funeral raises a general question about the finances of the British royal family. Although the head of state and nation, the Queen or King of England may not take part in the political activities of the country.

The British Royal Family’s main income comes from what is known as the Sovereign Grant. It is part of the “Crown Estate”, the property and income from property of the monarchy, administered independently. The royal family, every year, returns the “Crown Estate” to the government, in return, the latter pays the royal family a “sovereignty grant”. Normally, this is 15% of the “Crown Estate”, but since 2017, it has risen to 25% to finance the renovation of Buckingham Palace. During the period 2021-2022, as per Financial statement released by the royal familyThe “sovereign grant” is £86.3 million, or £1.29 per UK resident.

Besides the “Sovereign Grant,” the Queen has the “Privy Purse,” which is her personal fund. They come from the income of the Duchy of Lancaster and are subject to income tax. In total, the legacy of the Queen of England is 28 billion dollars.

Additionally, the Royal Family’s defense costs are not publicly disclosed and are funded by taxpayers.

A desire for transparency

The current system of funding the British Royal Family is the result of a 2012 reform. This comes after heavy criticism that the “Royals” funding was too opaque, too complicated. Since then, the royal family has tried to work for more transparency. It publishes a financial report every year, showing royalty income and expenses, which can be consulted online and is open to everyone.

A reputation tarnished by allegations of tax evasion

However, the dispute over the British royal family’s property was reignited in 2017, when Elizabeth II He was directly involved in the Panama Papers affair. The investigation, conducted by the International Federation of Investigative Journalists, revealed a list of tax evading companies and individuals. Therefore, the Queen of England is accused of investing more than 10 million pounds of her personal assets in offshore companies located in two tax havens, the Cayman Islands and Bermuda. On top of that, one of these companies was accused of dishonesty and bad practices. The Queen’s fund manager, at the time, defended himself against the allegations, explaining that these investments were not illegal and that they represented only 0.3% of the value of the “privy purse”. However, the affair greatly shocked English public opinion, for whom the queen was a role beyond suspicion.