THE QUEEN has received a 16 per cent “pay rise” after a new system of funding the monarchy ushered in by chancellor George Osborne came into effect yesterday.
The monarch’s annual tax-free grant from the government has increased from £30m to £36.1m – but still stands at less than the £40m she received five years ago. The chancellor two years ago announced plans to abolish the Civil List, an annual chunk of cash agreed by the government to fund the royal family’s official duties, state functions and staff salaries.
It was officially replaced yesterday by an all-in-one payment called the Sovereign Support Grant, fixed at 15 per cent of the Crown Estate’s annual profits.
The Estate, which owns Regent Street and other London landmarks as well as most of the UK’s coastline, made £240.2m of net profit in the year to 31 March 2012.
The crown has receipts from its estates since the 1760s.