Queen Income Frozen Until 2015
December 5, 2011 by staff
Queen Income Frozen Until 2015, The Queen is on course for six successive years of cuts for funding for the royal household, new figures show. A tough financial deal is a result of replacing the civil list with the sovereign grant, under which her funding is linked to profits at the Crown Estate. The new formula, passed into law six weeks ago, also replaces taxpayer funding for royal travel and royal palaces.
The squeeze on the monarch’s income is likely to delay a backlog of repairs to royal palaces. There will be no extra money from the taxpayer to pay for the court of the Duke and Duchess of Cambridge, who are rapidly emerging as global stars. The cost of providing staff for the couple will continue to be met by the Prince of Wales, the Sunday Times reported.
Under the new arrangement, the Queen receives 15 percent of the profits made over two years from the Crown Estate, whose portfolio includes Regent Street, Windsor Great Park and more than half the country’s shoreline.
George Osborne, the Chancellor, and Ed Balls have disagreed over whether the new arrangements would amount to an increase or a cut in income.
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