British monarch money kept in check

British monarch money kept in check

HomeUKPolitics Mon Jun 1, 2015 12:51PM
http://presstv.ir/Detail/2015/06/01/413826/UK-queen-income-scrutiny

The UK queen’s income is under scrutiny after public funding of the monarchy is increased, while other public services are affected by austerity cuts.

Taxpayer funding of the UK’s royal household has risen to nearly 40 million pounds in the current financial year. That has prompted the Treasury to review the income of Queen Elizabeth II.

The Queen receives 15 percent of the profits of the Crown Estate, one of the UK’s largest property owners managed on behalf of the monarch.

The Crown Estate pays all of its profits to the Treasury, which then pays the 15 percent grant to the royal household.

Under the terms of the grant, any surplus can be paid into a reserve fund. The grant can, however, be reduced if the reserve fund reaches more than half the value of the annual grant. The royal trustees, who include Prime Minister David Cameron and Chancellor George Osborne, have the power to change the level of the grant if necessary.

Reports say the sharp rise in the grant has been a welcome benefit for royal aides who are tasked with tackling a £50m maintenance backlog at the occupied palaces, which include Buckingham Palace and Windsor Castle.

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