A former Liberal Democrat MP and expert on royal finances has criticised King Charles' slimmed-down monarchy, claiming the costs impacting the taxpayer are not adequately represented.
Norman Baker, author of the book 'Royal Mint, National Debt: The shocking truth about the royals' finances', believes that every recalculation of funding benefits the Royal Family at the expense of the taxpayer. Despite a reduction in the number of working royals in recent years, Baker says the overall financial burden on the public has quadrupled since 2011.
Costs rise despite fewer working royals
"Every time there's a calculation, it benefits the Royal Family, and there's no excuse for that," Baker told GB News ahead of the release of his book. "Charles said he wants a slimmed-down monarchy, but what does that actually mean? Yes, there are fewer people undertaking royal duties, mainly through 'natural waste'."
"It's an unkind phrase, but obviously the Queen and Prince Philip died, Harry and Meghan have gone abroad... Well, they're back now, but not doing royal duties, and Andrew has become persona non grata," he continued.
"So five people have gone, and they haven't been replaced. You would expect the cost to come down, but the costs have actually gone up. There are fewer people on the balcony, but the cost has gone up."
Inheritance tax exemption under fire
Baker also discussed a central point of his upcoming book: the Royal Family's exemption from inheritance tax. The former MP explained: "What we're talking about are the personal possessions handed down to the Queen: the Fabergé eggs, the Bonny paintings, the £100million stamp collection, the string of racehorses, and the half a billion pounds of jewellery."
"And you have to ask yourself 'why is it that this family alone should be exempt from inheritance tax, and nobody else in the country is?'. And I think that's an insult. Why should one family, a very rich family, be exempt from the same tax everybody else pays?"
Defence of royal expenses
In a counter argument about royal expenses, Robert Hazell, Emeritus Professor of Government and the Constitution at University College London, outlined the demands placed on the Royal Family. Hazell explained that between daily engagements, overseas tours, travel costs, and security bills, the working members of the Royal Family help raise millions of pounds for charities, while also boosting the economy through international tourism.
Earlier this year, King Charles became the first British monarch to reveal the total amount of tax he pays, including income received from personal wealth, investments and certain Capital Gains tax.
A spokesman for the King said Charles' personal decision to publish his financial affairs was in line with Buckingham Palace's wish to increase "clarity and accessibility" around the monarchy's finances by producing a new report on the subject.
Both the King and Prince William pay tax on the income generated by the Duchy of Cornwall and the Duchy of Lancaster. For Charles, the Duchy of Lancaster estate - a private portfolio of land, investments and office, retail and industrial properties - provides the monarch with an annual income. In 2024/2025, it stood at £26.8 million.
