As per The Daily Mail, Queen Elizabeth II will be getting financial support from the British taxpayers’ money to save her from the serious crisis she is currently facing.
The Treasury has confirmed that Her Majesty’s income will increase using the taxpayers’ funds to offset the pandemic’s losses.
The 94-year-old’s income, known as the Sovereign Grant, is set at 25% of the profits that have been generated by the Crown Estate.
Queen Elizabeth II is known to be one of the largest landowners in the UK, with most of the lots in central London are entirely hers.
Because of COVID, the profits generated by her investments have dropped massively. With that, the monarch’s income will not drop along with her profits. The Treasury will be topping up the amount she will get in 2022/2023.
The exact figures are yet to be announced, but it has already been expected that the head of the British royal family will be getting an extra $445,800 in 2021/22.
It will then be followed by a rise of 4% in profits on the Crown Estate from the past year, which would bring the total to about $1.09 billion.
The Treasury will give a higher proportion of her Crown Estate profits to the Queen instead of being used for public services or future government spending.
According to the rules of the Sovereign Grant, “In the event of a reduction in the Crown Estate’s profits, the Sovereign Grant is set at the same level as the previous year.”
The rule added that it would not stop Queen Elizabeth II from getting an excessive amount of funding if profits rise considerably.
A Buckingham Palace spokesperson told The Daily Mail that the grant supports Queen Elizabeth II’s official duties and the maintenance of the royal palaces.
“Our Sovereign Grant report outlines where the money is spent, the scale of the work it supports and also the contribution made to the costs through income generation such as visitor admissions.”
According to reports, Buckingham Palace and the Treasure didn’t fully disclose the monarchy’s real cost from the public.
According to the new author of a new book during his research in 1989 for The Queen’s True Wealth, David McClure claims that the monarchy funding suggested at the time by Prince Charles revealed they cost the taxpayer ten times the figure they told the public.
“You could say that the treasury and the palace did know in 1989 the total real cost of the royal family, and they did not want it to come out,” McLure told Yahoo UK.
“The 1989 papers do indicate that the public was misled, by the Treasury or the Palace, about the overall real cost of the monarchy.”
Images courtesy of Daily News/YouTube Screenshots
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