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King Charles Expects Royals to Finance Their Own Homes in Upcoming Overhaul: Report
Royal Family aren't going to be enjoying the same sort of free ride they've become accustomed to, as King Charles is reportedly starting the process of modernizing the monarchy.As reported by the, King Charles is looking to slim down the monarchy's finances and this includes eliminating subsidized rent and housing for working royals.Sources tell the news outlet that Prince Harry and Meghan Markle's eviction from Frogmore Cottage earlier this month was the start of Charles' five-year plan that will see the finances of the Royal Family streamlined through belt-tightening and cost-cutting.According to reports, following Charles' coronation in May, two members of the palace staff -- Vice-Admiral Sir Tony Johnstone-Burt, Master of the Household, and the Keeper of the Privy Purse Sir Michael Stevens — will begin looking at inefficiencies in what was described as a «top-heavy royal household.»This means that members of the Royal Family will be expected to pay for their own rent and finances on their homes, as well as personal finances.The efforts to decrease the number of royals financially dependent on the Crown is due to King Charles' efforts to spend resources more efficiently and offer competitive salaries, benefits and pensions to members of staff and potential new hires.Several members of the extended Royal Family have been using subsidized palace accommodations for London apartments for them and their children for years, and that is expected to come to an end.A source tells the «Over time, that is going to change. Properties will be let at commercial rates going forward and to people outside the family.