The Daily T The shocking truth about the royal finances
Dec 3, 2025
Norman Baker, a former Liberal Democrat MP and author known for his critique on royal finances, dives deep into the controversial funding of the monarchy. He discusses the Parliamentary inquiry into royal properties and the significant costs borne by taxpayers, suggesting a shift back to a civil list-style funding model with greater transparency. Baker highlights discrepancies in royal properties, peppercorn rents, and the implications of strained public resources. Their conversation also touches on Meghan Markle's Christmas show, juxtaposing celebrity portrayals with the realities of working parents.
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Inheritance Exemptions Inflate Royal Wealth
- Norman Baker highlights massive rises in royal funding and tax exemptions that advantaged inherited valuables.
- Inheritance tax exemptions and duchy incomes create large, opaque private revenues for the royals.
Crown Estate Payments Use An Indirect Formula
- The Crown Estate money goes to the Treasury, then a calculated percentage funds the royals rather than a direct share.
- Former civil servants call this indirect linking illogical and argue it lacks transparent rationale.
Smaller Monarchy, Larger Bill
- The monarchy has slimmed in headcount but expanded in cost, now estimated by Baker at over £500m annually.
- That figure dwarfs comparable European monarchies and fuels public debate over value for money.
