The Sovereign Grant should be scrapped and royal funding radically overhauled, according to campaigners.


Responding to the news of another massive increase in royal funding, campaign group Republic has called on the government to intervene.


Republic's CEO, Graham Smith, said today:


"The magic money tree has a name and it's called the Sovereign Grant.  This arrangement is unsustainable, the way the grant is worked out means the taxpayer keeps throwing more money at the royals while public services are being cut."


"Palace renovations should be paid for through opening up to tourists all year round.  The Queen's official duties should be funded through proper budgeting, working out what's needed not what they can get their hands on."


"The grant has risen 167% since 2012.  There simply isn't any good reason for this increase.  And this official figure disguises the real annual cost of £345m."


"To add insult to injury the palace engages in dishonesty and spin to justify this raid on public funds, making the disgraceful claim that they cost just a few pence per person." 


"It's time the government took over the running of the palace finances and handed the management of the buildings to an independent body.  The grant should be replaced with a simple annual budget, just like any other public authority."