Monarchy to see financial boost from taxpayer after Crown Estate income rises

Monarchy to see financial boost from taxpayer after Crown Estate income rises

That represented a £500,000 increase from the group's visits during the previous fiscal year, but it was down from 2014, when their travel cost £5.1 million.

The taxpayer-funded Sovereign Grant, which pays for costs such as royal household salaries, official travel and the upkeep of royal palaces, is expected to be £82.2m in 2018/19, up just over £6m.

Alan Reid, the queen's treasurer, said the amount each United Kingdom citizen contributed to the Sovereign Grant past year amounted to 65 pence per person, according to CNBC.

That figure is set to rise to 76.1 million pounds after the government agreed an increase to pay for a 369-million-pound, 10-year refurbishment of Buckingham Palace, whose ageing electrical wiring, water pipes and heating system are in urgent need of fix.

LONDON (AP) — Queen Elizabeth II is set to receive an increase in the official funding she receives each year.

Meanwhile royal sources revealed that members of the family frequently travel in business class rather than first class, depending on the circumstances, as part of cost-cutting measures.

The increase is derived from a formula based on the financial performance of the Crown Estate, with real estate holdings.

Royal accounts published on Tuesday show that the Queen's expenditure rose £2 million to almost £42 million, while the Royal Family's official travel cost taxpayers £4.5 million.

He said: "When you consider that against what the queen does and represents for this country, I believe it represents excellent value for money".

Even with millions rolling in each year, the Queen is not able to save much.

The public accounting of the royal family's spending on official duties shed some light on the costs involved in maintaining the monarchy.

The British Treasury pays the Queen via the Sovereign Grant a percentage of the profits generated from the Crown Estate portfolio.

"The grant has risen 167% since 2012".

Republic, which campaigns for an elected head of state, published its own report on royal expenses and claimed, when security and other costs are included, the annual bill for the monarchy is nearer £345 million.

"When our police, [health care system], schools and fire services are struggling, how can we continue to justify this huge waste of money?" said Republic CEO Graham Smith.

While Prince Charles and Camilla's recent trip to Romania, Italy and Austria on "Cam Force One" cost £154,000 - the single most expensive tour.

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