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Queen's Sovereign Grant to be reviewed as Crown Estate delivers record profit Queen's Sovereign Grant to be reviewed as Crown Estate delivers record profit
(about 4 hours later)
The amount of money the Queen receives from the Treasury is to be reviewed by the government and Buckingham Palace.The amount of money the Queen receives from the Treasury is to be reviewed by the government and Buckingham Palace.
At the moment the Sovereign Grant represents 15% of the profits of the Crown Estate land and property portfolio - paid two years in arrears. The Sovereign Grant is currently calculated as 15% of the profits of the Crown Estate, which owns London's Regent Street and the entire UK seabed.
If the formula stays the same the grant will rise from nearly £43m this year to over £45m in 2017. In recent years, the Queen has seen a 38% rise in the money she receives from the Treasury, up from £31m in 2012 to nearly £43m this year, accounts show.
The estate's annual report has said its portfolio rose 9.7% in value to £12bn last year Meanwhile, the Treasury got a record £304.1m from Crown Estate profits.
A record £304.1m out of the estate's profits went to the Treasury. Last year, the estate's annual report said its portfolio rose by 9.7% in value, to £12bn.
The Sovereign Grant, which is paid two years in arrears, is reviewed every five years.
In the coming months, the government and a senior royal official will carry out a review of the grant, which was set at 15% in 2012.
If the formula is unchanged, the grant will rise to more than £45m next year.
How rich is the Queen?How rich is the Queen?
In recent years, the Queen has seen a 38% rise in the money she receives in the Sovereign Grant - up from £31m in 2012 to nearly £43m in 2016. The Sovereign Grant's annual report for 2015-2016 shows the monarchy cost the Treasury £40.1m, of which:
If the review by the government and a senior royal official - which takes place every five years - leaves this formula unchanged then the money will rise, in 2017, to more than £45m. During a briefing to launch the report, Sir Alan Reid, Keeper of the Privy Purse, highlighted the large amount of funds spent on the upkeep of royal palaces.
The Sovereign Grant's annual report for 2015-2016 shows the monarchy cost the Treasury £40.1m, with more than £16m spent on the upkeep of royal palaces and other buildings. Spending on property maintenance was up close to 40% on the previous year, he said, yet the condition of the estate was deteriorating at a faster rate than they have been able to respond to.
The Queen and the Royal Family's official travel cost the government £4m, down more than £1m, the accounts show. Sir Alan said a "significant amount" of the rise in this year's Sovereign Grant of £42.8m would be used to tackle the backlog in essential maintenance.
During a briefing to launch the report, Sir Alan Reid, Keeper of the Privy Purse, highlighted the large amount of funds spent on upkeep of the royal palaces. BBC royal correspondent Peter Hunt said it was now unlikely - as had been suggested last year after the publication of the Sovereign Grant's annual report - that the Queen would have to vacate Buckingham Palace during refurbishment.
"In 2015-16 spending on property maintenance amounted to £16.3m and that's 30% of our total expenditure - that's an increase of 39% compared with spending on property maintenance last year," he said.
He stressed that despite the expenditure, the condition of the estate was deteriorating at a faster rate than they have been able to respond to.
Sir Alan said a significant amount of the increase of the 2016-17 grant, set at £42.8m, supplemented by other funds like property rental, would be used to tackle the backlog in essential maintenance.
However, the BBC's royal correspondent Peter Hunt said it was now unlikely - as had been suggested last year after the publication of the Sovereign Grant's annual report - that the Queen will have to vacate Buckingham Palace when it is being refurbished.
What is the Crown Estate?What is the Crown Estate?
Source: The Crown EstateSource: The Crown Estate
The Crown Estate delivered £304.1m to the Treasury, up from £285m, as it reaped the benefits of a regeneration of London's Regent Street and St James's, helping it let out all of its shops, and its offshore wind assets also contributed to the increase in profits. The Crown Estate delivered £304.1m to the Treasury, up from £285m, as it reaped the benefits of a regeneration of London's Regent Street and St James's, which helped the estate let out all of its West End shops.
It owns the entire UK seabed, which it leases to offshore wind farms, and the amount generated from these operations rose nearly 20% to £22.9m over the year. The estate also owns the entire UK seabed, which it leases to offshore wind farms. These brought in £22.9m over the year, a rise of nearly 20%.
Chief executive Alison Nimmo said: "We have outperformed the market and benefited from our team's expertise and disciplined commitment to our core sectors."
Charles' income risesCharles' income rises
Meanwhile, Prince Charles's private income from his Duchy of Cornwall estate, a portfolio of land, property and financial investments, rose by 3% to £20.5m during the last financial year, and his tax bill increased by £531,000 to just over £5m.Meanwhile, Prince Charles's private income from his Duchy of Cornwall estate, a portfolio of land, property and financial investments, rose by 3% to £20.5m during the last financial year, and his tax bill increased by £531,000 to just over £5m.
The Duchy of Cornwall, which includes assets such as London's Oval cricket ground and has the Isles of Scilly among its possessions, funds the private and official expenditure of the Duke and Duchess of Cornwall.The Duchy of Cornwall, which includes assets such as London's Oval cricket ground and has the Isles of Scilly among its possessions, funds the private and official expenditure of the Duke and Duchess of Cornwall.
The estate is given to the heir to the throne and comprises 53,628 hectares (132,518 acres) of land in 23 counties, mostly in the south-west of England.The estate is given to the heir to the throne and comprises 53,628 hectares (132,518 acres) of land in 23 counties, mostly in the south-west of England.
The prince also received £1.4m in funding from the Sovereign Grant and government departments during the period.The prince also received £1.4m in funding from the Sovereign Grant and government departments during the period.