The 91-year-old Queen Elizabeth II income is set to almost double this year in part to pay for upgrades at Buckingham Palace. The annual so-called Sovereign Grant is ballooning to £82 million (or $105 million), A huge pay boost by 78 % refurbish Buckingham Palace. Payouts from the state are expected to remain at elevated levels for 10 years as Buckingham Palace undergoes an extensive facelift.
According to a source, we get to know that the Keeper of the Privy Purse Alan Reid, who manages the royal family’s finances told: “Consider that against what the queen does and represents for this country, I believe it represents excellent value for money”. Sir Alan Reid, the official Keeper of the Privy Purse, said the £42.8 million state grant given to the Queen in the last fiscal year equaled out to 65 pence ($0.83) per person in the U.K. The Queen uses this money as her expense account, covering the costs of travel, security, staff and the upkeep of the royal palaces. A portion of the profit is eventually given back to the Queen and her family each year in the sovereign grant.
The Crown Estate, which owns much of London’s West End, made £328.8 million ($418.6 million) in profit in the year to the end of March 2017 which is an increase of 8 percent when compared to the year previous. Payouts from the state are expected to remain at elevated levels for 10 years as Buckingham Palace undergoes an extensive facelift.
By: Priyanka Chauhan.