KING Felipe of Spain has for the first time allowed independent auditors to analyse the royal family’s books.

The move is an attempt to restore confidence in the monarchy following the scandal-hit reign of his father.

The accounts show the King earns €236,544 a year, and that he has taken a 20% pay cut since assuming the throne in 2014.

Queen Letizia is paid €130,092, while his parents Juan Carlos and Sofia receive €189,228 and €106,452 respectively.

The four are now the only royals to be paid a salary after Felipe reduced the amount of family members on the payroll.

Last year, the royal household made savings of €155,000 out of its €7.7m budget, while they spent €661,000 on “official acts and social occasions” and €130,000 on travel.

A poll last month revealed 52% of Spaniards support the new king, a stark improvement from when his father abdicated given that two thirds of Spaniards were calling for a referendum on the monarchy.