Campaigners have called the government's announcement on changes to the Sovereign Grant 'dishonest and misleading' after pointing out that the grant will not be cut at all.

An announcement has been made that the grant will be calculated at 12% of Crown Estate profits rather than 25%. Yet a 'golden ratchet' clause means the grant cannot fall below its previous highest level.

The media statement from the government makes clear the grant will remain at £86m a year, the same as it was for 2022/3.

Royal spending is likely to continue to increase as they use reserves that have been built up over recent years.

Speaking for Republic today, Graham Smith said:

"The claim that the Sovereign Grant will be £24m lower is grossly misleading. The grant will remain the same while royal spending will go up as it does most years."

"The government and palace are misleading the public. The sovereign grant will not be cut by a single penny, but will remain at £86.3m. That’s because of the ‘golden ratchet’ clause that doesn’t allow the grant to fall below the previous year."

"The true cost of the monarchy is over £345m a year. The grant is a dishonest and nonsensical way to fund a public institution. It must be scrapped and the royal budget slashed."

The small print of the government statement says: "This means the total Sovereign Grant for 2024/25 will remain flat at £86.3 million."

A 2017 report on royal funding shows the full cost of the monarchy.