Bloomberg News

Queen to Get 5 Million-Pound Increase in Revenue This Year (1)

June 27, 2013

Queen Elizabeth II

In the year to March 31, the queen undertook 288 public engagements, including celebrations of the Diamond Jubilee, which marked her 60 years on the throne, and the London Olympics, today’s figures show. Photographer: Paul Gilham/Getty Images

Queen Elizabeth II will get a 5.1-million-pound ($7.8 million) increase in the money she can spend this year after she was awarded 36.1 million pounds from the U.K. government to run her households.

The allowance for the fiscal year that started in April is up from 31 million pounds in 2012-13, figures released to Parliament in London today show.

Starting this year, the so-called Sovereign Grant is calculated based on 15 percent of the surplus from profit from the property portfolio owned by the Crown Estate for the two previous financial years. The monarch does not own the estate, currently valued at 8.1 billion pounds, since George III surrendered its revenues in 1760 in return for an annual grant.

The increase in funding will be used to tackle a backlog in property maintenance at some of the royal palaces, a spokesman for the monarch said by telephone, speaking on the usual condition of anonymity. The figures given to Parliament show spending on property maintenance rose to 9.1 million pounds in 2012-13 from 8.9 million pounds the previous year.

In the year to March 31, the queen undertook 288 public engagements, including celebrations of the Diamond Jubilee, which marked her 60 years on the throne, and the London Olympics, today’s figures show. Her husband, Prince Philip, the Duke of Edinburgh, who has recently suffered ill health, managed 275 engagements in the same period.

To contact the reporter on this story: Kitty Donaldson in London at kdonaldson1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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