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Queen to receive £6m pay increase from public funds | Queen to receive £6m pay increase from public funds |
(about 1 hour later) | |
The Queen is to receive an 8% increase in income from public funds, after the Crown Estate's profits rose by £24m. | 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. | 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. | 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". | 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. | 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. | "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." | "Consider that against what the Queen does and represents for this country, I believe it represents excellent value for money." |
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The Queen and the Royal Family's official travel cost the taxpayer £4.5m during 2016/17, up £500,000. | 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. | 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 | Royal accounts - some key figures |
The Sovereign Grant, which is paid two years in arrears, is money given to the Queen by the Treasury. | 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. | 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. |
Analysis | |
By Peter Hunt, royal correspondent, BBC News | |
For decades, royals and their use of taxpayers' money have had the potential to be a toxic combination. | |
This latest increase in funding - the Sovereign Grant will have risen from £31m to £82m over six years - has been made public at a time of continued pay restraint in the public sector and when there is a focus, after the Grenfell Tower fire, on the divide between rich and poor. | |
Add in the £17,000 it cost to fly Prince Charles on a private plane between two of his residences and the ancient institution's critics cry foul. As they do each year. | |
And each year aides stress that a regal eagle eye is kept on travel costs and the extra cash is needed to save Buckingham Palace from damaging disrepair. | |
The generous royal funding formula will be reviewed in four years time. It's meant to last until 2026. | |
Royal officials have said they've no reason to believe "it won't remain in place". | |
Read more from Peter Hunt | |
Republic, which campaigns for an elected head of state, published its own report on royal expenses. | 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. | 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". | 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? |