Queen set for cash boost to fund Buckingham Palace refit

by Jared Lewis June 30, 2017, 0:16
Queen set for cash boost to fund Buckingham Palace refit

She's to get an 8 per cent increase in her income from public funds from next year, reports the BBC.

The Queen received £42.8 million ($54.6 million) in tax-free income from the state a year ago as her annual "sovereign grant".

The Queen's sovereign grant, the amount she receives from taxpayers, is calculated as a percentage of Crown Estate profits.

The Royal Family will receive 25% (up from 15%) of the profit, known as the sovereign grant.

Details of the increase were released as Buckingham Palace accounts revealed the royal family previous year spent £4.5m on travel.

The improvements to Buckingham Palace, which will be completed over 10 years, are expected to cost 369 million pounds ($471.4 million).

Sir Alan Reid, Keeper of the Privy Purse, defended the Queen as "excellent value for money" and suggested what she represents largely outweighs the bill taxpayers have to foot to fund the royal pockets.

Officials said members of the royal family "quite frequently" travelled business rather than first class, but each journey was tailored to circumstance.

The Crown Estate consists of prime real estate, farms and coastlines that generate hundreds of millions of pounds each year, most of which ends up in government coffers.

But offshore wind farms have at least one useful goal, it has emerged: boosting the Crown Estate's profits to a record £328.8m.

The annual so-called Sovereign Grant is ballooning to £82 million (or $105 million) up 8 percent from a year ago.

Of course, the Queen receives a large percentage of the allotment to cover her official expenditure - £42 million ($AUD 71 million) worth.

The reason behind this elevated payout from the state is the extensive renovation of the Buckingham Palace. More than 3,000 official engagements were carried out by the royal family a year ago.

Royal accounts published on Tuesday show that the Queen's expenditure rose £2 million to almost £42 million, while the Royal Family's official travel cost taxpayers £4.5 million.

Accounts also revealed that the Royal Family spent £4.5m on travel, including a £154,000 trip for Prince Charles and the Duchess of Cornwall for a week-long trip to Romania, Italy and Austria on the state Voyager jet, as well as a £18,690 bill for travel to Plymouth on the royal train by Prince Philip.

"The magic money tree has a name and it's called the Sovereign Grant", Republic CEO Graham Smith said.

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