The Queen will receive an rise in her income next year. Photo: BBC
The Queen is to receive a rise in her income from the Sovereign Grant for a second year after the Crown Estate saw profits rise for a second year.
The Sovereign Grant, which acts a fund for the Queen and her family to carry out their duties, here and across the world, will rise from £36.1m to £37.89m in 2014.
The increase will come as the performance of the Crown Estate improves. The Queen receives 15 per cent of the estate profits, which funds the Sovereign Grant.
Despite the increase, it has been revealed that expenditure on the Royal Family is actually falling.
The Queen cost £33.3million in 2012, showing the Queen had a rise in her income of around £900,000 in her Diamond Jubilee year, meaning the Royal Family cost each person in the United Kingdom just 60p.
One of the main costs of the Royal Family is their travel, however it has been confirmed travel costs are decreasing. The money, which is funded by the taxpayer, is used to aid the Royals in their travels at home and abroad. In 2012, Prince Charles and Camilla, Duchess of Cornwall visited Australia, while his son Prince William and the Duchess of Cambridge visited South-East Asia.
The annual royal public finances report revealed that the travel costs fell by £500,000 in 2011-12 and the costs went from £5m to £4.5m in 2012-13. The Duke and Duchess of Cambridge’s trip to South-East Asia, which was deemed a huge success, cost almost £370,000, although this takes in travel for their household and pre-tour visits by staff to prepare for the visit.
However, there was an increase in spending on property maintenance, something the Palace insisted had been delayed in the past. To upkeep and maintain the royal residencies, costs went from £8.9 to £9.1. One noticeable cost has been the upkeep of Kensington Palace which Prince William and the Duchess of Cambridge will move into later this year.
The cost of repairs to Kensington Palace’s apartments has risen to nearly £1million, however the expectant royal couple are expected to increase their work load after they both take maternity/paternity leave and to be able to do that, the couple will need a London base that is prepared for their busy schedule.
The Duke and Duchess of Cambridge will move into Kensington Palace later this year.
Payroll for the Royal Family’s staff also rose from £17.5 to 18.3 in her Diamond Jubilee year.
The Sovereign Grant was introduced to remodel the Civil List. This means the Government fund the Queen and her household’s expenses that allow her to carry out her role as head of state. The grant is calculated from 15% of the profits of the Crown Estate, from funds two years in arrears.
Sir Alan Reid, Keeper of the Privy Purse, said the figures released on Thursday actually showed a “real terms reduction in expenditure on supporting the Queen’s official duties”.
“The Royal Household has continued to reduce its expenditure funded by the taxpayer in successive years since 2008/09, achieving a real-terms reduction of 24% over the last five years.
“A significant part of the increase to the Sovereign Grant in 2013/14, supplemented by further income generation, will be used to tackle a backlog in essential property maintenance at the working royal palaces.”
On Friday, Prince Charles will publish his official accounts.
To receive the latest Royal Central posts straight to your email inbox, enter your email address below and press subscribe.
Join 407 other subscribers