Since 2011, a new type of funding has existed for Her Majesty. Previously, she was afforded official expenditure primarily from what was known as the Civil List and also from two other sources, Grant-in-Aid for maintenance of royal palaces and Grant-in-Aid for travel. Now, all this funding is consolidated into one payment to Her Majesty called the Sovereign’s Grant.
Unusually, the amount Her Majesty receives each year for official expenditure is based on a percentage of how much revenue the Crown Estate brings in for the previous year. The Queen receives 15% of the revenue from the Crown Estate in official expenditure under the new Sovereign’s Grant.
Traditionally, Parliament would pay the Monarch a fixed sum every year in exchange for the revenues of the crown estate, in a deal set up by George III.
The crown estate, this year, brought in £240 million ($363 million) in revenue for the Government. The Queen will receive £36.1 million from the arrangement for official spending.
It is estimated that every taxpayer in the UK pays just 62 pence per year for the Monarchy, even if this isn’t enough, the Government actually makes money from the crown from the revenue from The Queen’s estates, which means, Republicans, if the Monarchy was abolished; taxes would go up, not down!
Last year, the crown estate brought in £231 million, meaning The Queen received £31 million.
The record profits have been attributed to an increase in rents from retailers for its urban properties and an increase in income from the seabed it owns around the UK because of rents from new wind farm developments and construction companies paying for material such as sand.
The Crown Estate owns a portfolio of historic assets such as Regent Street, Windsor Great Park, farmland and most of Britain’s coastline, as well as acquired properties such as Westgate shopping centre in Oxford.
photo credit: Jon’s pics via photopin cc
Well again, whether or not the Crown Estate belongs to Her Majesty personally or in right of the Crown (and thus, the state) is a murky legal matter. While I tentatively agree with your view that the land and thus the revenues would be lost if the monarchy is abolished, I’m not sure it’s right to assert as fact that taxes would go up if republicans got their way.
That said, I am happy to see they’re have more money to work with this time around. From what I understand the Royal Household has put off for years some much needed repairs to Buckingham Palace since the Government (that is, the Department of Culture, Media, and Sport) continues to ignore or turn down requests for supplemental funding. Perhaps those renovations can now go forward.
Once again more money is being provided for these royal wastrels by the taxpayers.