How cost-of-living crisis is impacting royals – as property maintenance bills soar by £14.4m

The royal accounts for 2020-2021 have been released

The cost-of-living crisis has had a huge impact on Britons in recent months, with prices rising on everything from food and fuel to energy bills. And the royal family have noticed the difference too, with a senior royal source revealing they are trying to find innovative ways to reduce their utility bills.

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Speaking as the royal accounts for 2020-2021 were released, the source said: "It goes without saying, in terms of the environmental credentials, that not only are we looking at consumption, but also we have an eye on – in terms of the cost of living – one of the big increases that is coming and is happening now is utilities.

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WATCH: Inside the royal homes

"So we're looking very much at how we can be innovative in reducing consumption and consequentially as a by-product reducing costs as well to ensure that we can live within and operate within the funding envelope that we are anticipating."

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It is said to be an issue of particular concern for Prince Charles, who has been taking a very close interest in how inflation and the cost-of-living problems are impacting people, especially the Duchy of Cornwall's tenants, and their welfare.

Prince Charles is reportedly concerned about the impact of the cost-of-living crisis

It comes as it is revealed that spending on property maintenance for the royal residences soared by £14.4million to £63.9million in 2020-2021. A big part of the 29 percent increase is likely due to the ongoing ten-year project to renovate Buckingham Palace, which is focusing on modernising the palace and upgrading water pipes, rewiring, and redecorating.

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It has previously been said that the Queen's London residence would be at risk of "catastrophic building failure" if the work wasn't carried out.

Buckingham Palace is undergoing a ten-year renovation project

The total taxpayer-funded Sovereign Grant for 2020-2021 cost £86.3million, made up of £51.8million for the "core" funding, and an extra £34.5million for the reservicing of Buckingham Palace. It equates to a cost of £1.29 per year for each person in the UK, or 77p each to cover the "core" part of the Sovereign Grant for official duties – not including the palace works.

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