Palace accounts show Treasury finding to remain at £86.3m, while duchy of Cornwall will waive some charity rents

The royal family’s private “royal train” will be decommissioned as part of King Charles’s drive to modernise the monarchy and reduce costs.

The train has been used to transport members of the royal family around Britain’s railway network since 1840, but it has become increasingly costly to maintain and store. Rolling stock from the 1980s would need to be updated for modern railway networks, and two new more fuel-efficient helicopters offer a suitable alternative.