THE Queen’s income will receive a boost next year after record profits from her lucrative Crown Estate property empire.
Controversial changes made last year tying Royal Family funding to Crown Estate profits means the Queen and royal household will be entitled to a 16 per cent hike in their official duties grant, to £36m from next April up from £31m this year.
The rise follows the Government’s move last year to scrap the Civil List and link funding for the royals to profits from the Crown Estate, as part of a new sovereign grant.
The royal household is entitled to 15 per cent of profits from the Crown Estate – which belongs to the nation and includes a host of historic properties, such as Regent Street in the West End of London, Windsor Park, Royal Ascot and most of Britain’s coastline.
Figures for the Crown Estate reveal the portfolio enjoyed the best performance in its history, with profits rising to £240m in the year to March 31 from £231m the year before.
Previously, all profits from the Crown Estate went to the Treasury and the taxpayer – an arrangement dating back to 1760. Over the last 10 years, the portfolio has contributed £2bn to the Treasury.
A Buckingham Palace spokesman said: “The Royal Household is absolutely committed to ensuring value for money for the taxpayer, having already reduced expenditure by a fifth over five years. The sovereign grant is a simpler, more transparent way of funding the monarchy and is, of course, now open to scrutiny by the National Audit Office.”
But campaign group Republic said it was “disgraceful” that 15 per cent of Crown estate profits went to the royal household.