The monarchy stands accused of corruption and abuse of public funds after the palace releases its latest financial reports.

The Sovereign Grant continues to rise at an astronomical rate, yet this is just a small part of the appalling cost of the monarchy.

The royals are estimated to cost the British people more than £345m every year. Add the profits of the two Duchies, which are state assets, the bloated security bill and costs met by local councils around the country and the total bill is huge.

Speaking today Republic's Graham Smith said:

"People rightly complain about the cost of the Rwanda scheme over the last two and a half years, yet we have spent more over the same period on the royals. More than £345m a year to provide us with just one head of state."

"By comparison the Irish president costs around 4m euros, a fraction of the cost for someone doing a similar job, but someone elected and accountable to do it."

"Now they're being cagey about taxes and spinning like mad to justify these increases. They continue to claim the Duchies are their own private property, which isn't true."

"The Duchies are state assets, it’s time their profits were diverted to public services and local communities, not the pockets of two billionaires."

"We do not owe the royals a living, we do not owe them palatial homes, private helicopter travel or lives of leisure and luxury."

"The only reason the price tag for the royals is so high is because the monarchy is corrupt. They abuse the taxpayer's trust day in, day out, taking our money to spend on their own private lifestyles."