TribLIVE

| USWorld

 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Queen Elizabeth's income about to rise

Email Newsletters

Click here to sign up for one of our email newsletters.

Daily Photo Galleries

By The Associated Press
Thursday, June 27, 2013, 9:03 p.m.
 

LONDON — Buckingham Palace accounts showed on Thursday that Queen Elizabeth II had a good year financially — the monarch will receive a 5 percent income boost for record portfolio profits.

The Crown Estate, including much of London's Regent Street and Windsor Great Park, made $380 million in the last financial year, a 5.2 percent annual increase.

The queen receives 15 percent of Crown Estate profits through a grant supplied by the British government that funds the monarch's spending as head of state.

The annual grant is $55 million but will rise to $57.7 million in 2014, representing a 5 percent increase.

Keeper of the Privy Purse Alan Reid said in a statement that a significant part of the grant increase would be used on a backlog of essential property maintenance at working Royal Palaces.

Anti-monarchy activists Republic called on the queen to reject the 5 percent increase.

Spokesman Graham Smith said in a statement: “The Crown Estate is not — and never has been — the personal property of the royals. To claim that it should fund their lavish lifestyle is deceitful and dishonest.”

The Crown Estate was created in 1760 when George III agreed the crown lands would be managed on behalf of the government.

The estate includes 15 retails parks across the country, around half of the U.K.'s coastal waters and royal parks such as Hyde Park in London.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read World

  1. At least 24 killed, 300 survive after trains derail in India
  2. Comets hold life building blocks
  3. German prosecutor fired amid treason inquiry
  4. Taliban leader quits amid leadership rift
  5. Russia stakes claim to energy-rich Arctic
  6. N. Korean ship sought to pay judgement in lawsuit
  7. Israeli militant jailed in West Bank arson
  8. Vibrantly colored mural spread across 200 homes in central Mexico city
  9. U.S.-led strikes kill 459 civilians in past year in Iraq, Syria, report finds
  10. Turkey, Kurdish rebels gird for all-out conflict
  11. 2013 death of Taliban leader Mullah Omar confirmed