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Queen to receive £6m pay increase from public funds | Queen to receive £6m pay increase from public funds |
(about 2 hours later) | |
The Queen is to receive an 8% increase in income from public funds, after the Crown Estate's profits rose by £24m. | |
The Sovereign Grant, which pays for the salaries of her household, official travel and upkeep of palaces, is to increase by more than £6m in 2018/19. | |
It comes as accounts revealed the Queen's official net expenditure last year increased by £2m, to almost £42m. | |
Sir Alan Reid, Keeper of the Privy Purse, said the Queen represented "excellent value for money". | |
He said: "When you look at these accounts, the bottom line is the Sovereign Grant last year equated to 65p per person, per annum, in the United Kingdom. | |
"That's the price of a first class stamp. | |
"Consider that against what the Queen does and represents for this country, I believe it represents excellent value for money." | |
The Queen and the Royal Family's official travel cost the taxpayer £4.5m during 2016/17, up £500,000. | |
Clarence House has also released its annual accounts, which showed the Prince of Wales' annual income from his hereditary estate, the Duchy of Cornwall, increased by 1.2% - to £20.7m. | |
Royal accounts - some key figures | |
The Sovereign Grant, which is paid two years in arrears, is money given to the Queen by the Treasury. | |
It is based on the profits of the Crown Estate portfolio, which includes much of London's West End. | |
The Crown Estate posted a £24.7m rise in profits, to £328.8m, in 2016/17. | The Crown Estate posted a £24.7m rise in profits, to £328.8m, in 2016/17. |
Republic, which campaigns for an elected head of state, published its own report on royal expenses. | |
It said that once security and other costs were included, the annual bill for the monarchy was nearer £345m. | |
Graham Smith, the organisation's chief executive, said it was a "massive bill for the taxpayer" to support "privileged lifestyles". | |
The increase in funding will take place as extensive repairs are being carried out at Buckingham Palace, costing £369m. | The increase in funding will take place as extensive repairs are being carried out at Buckingham Palace, costing £369m. |
To help pay for the work at the palace, the percentage of the Crown Estate profits paid to the Queen will increase from 15% to 25% between 2017 and 2027. | To help pay for the work at the palace, the percentage of the Crown Estate profits paid to the Queen will increase from 15% to 25% between 2017 and 2027. |
What is the Crown Estate? | What is the Crown Estate? |