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Queen Receives Extra £5 Million Funding For 2013, Thanks To Soaring Crown Estate Revenues

It was announced today that Her Majesty The Queen will receive £36.1 million in official finances for the year, a £5.1 million increase on last year’s Sovereign’s Grant.

Since 2011, a new type of funding has existed for Her Majesty. Previously, she was afforded official expenditure primarily from what was known as the Civil List and also from two other sources, Grant-in-Aid for maintenance of royal palaces and Grant-in-Aid for travel. Now, all this funding is consolidated into one payment to Her Majesty called the Sovereign’s Grant.

Unusually, the amount Her Majesty receives each year for official expenditure is based on a percentage of how much revenue the Crown Estate brings in for the previous year. The Queen receives 15% of the revenue from the Crown Estate in official expenditure under the new Sovereign’s Grant.

Traditionally, Parliament would pay the Monarch a fixed sum every year in exchange for the revenues of the crown estate, in a deal set up by George III.

The crown estate, this year, brought in £240 million ($363 million) in revenue for the Government. The Queen will receive £36.1 million from the arrangement for official spending.

It is estimated that every taxpayer in the UK pays just 62 pence per year for the Monarchy, even if this isn’t enough, the Government actually makes money from the crown from the revenue from The Queen’s estates, which means, Republicans, if the Monarchy was abolished; taxes would go up, not down!

Last year, the crown estate brought in £231 million, meaning The Queen received £31 million.

The record profits have been attributed to an increase in rents from retailers for its urban properties and an increase in income from the seabed it owns around the UK because of rents from new wind farm developments and construction companies paying for material such as sand.

The Crown Estate owns a portfolio of historic assets such as Regent Street, Windsor Great Park, farmland and most of Britain’s coastline, as well as acquired properties such as Westgate shopping centre in Oxford.

photo credit: Jon’s pics via photopin cc

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