Monday, October 25

The Queen’s sovereign grant is under review because she’s making too much money


 

 

The Queen will receive a 15% rise in her Sovereign Grant because of a clause in a piece of legislation that was negotiated by UK Chancellor George Osborne in 2011.

However, this will be under review, after this year’s Autumn statement, because she is essentially making too much money.

Three years ago, the government forged a deal for Buckingham Palace, which meant they’d be shielded from any public funding cuts. The deal also agreed that the Monarchy would receive 15% of  the profits of the £9.9 billion Crown Estate, and the amount the Queen would receive would never be less than the amount received in the previous year.

This saw a massive rise in what the Queen received over the last three years. She got £40 million in the last financial year, which is 29% above the £31 million ($47.2 million) she received in 2012/2013.

It is also £5 million more than the Treasury had estimated the Queen to receive from the Crown Estate for the last financial year. This is what is prompting the review.

A Buckingham Palace spokesman said: “A review will take place after April 2016 to ensure that the grant provides the resources needed to support the Queen’s official duties.”

The Crown Estate owns a portfolio of property investments, including Regent Street in London, part of the Bluewater shopping centre both in Kent, and Ascot racecourse in Berkshire. The Crown Estate is managed by the Treasury and Sir Alan Reid, keeper of the Privy Purse.

The cut of the profits from these investments are meant to fund the Queen and the rest of the Monarchy’s royal duties, such as travel, staff expenses and  maintenance of certain palaces.