Britain's queen to receive income boost
- Published: 27/06/2013 at 08:49 AM
- Online news:
Britain's Queen Elizabeth II will see her income rise from pound sterling36.1 million ($55.3 million, 42.4 million euros) to pound sterling37.89 million in 2014 due to an increase in profits of the Crown Estate fund from which she is paid, the Sovereign Grant said.
Britain's Queen Elizabeth II walks in procession during the annual parade for members of the Order of the Garter at Windsor Castle in Berkshire, west of London on June 17, 2013. The queen will see her income rise from £36.1 million ($55.3 million, 42.4 million euros) to £37.89 million in 2014 due to an increase in profits of the Crown Estate fund from which she is paid, the Sovereign Grant said.
The grant, which provides the monarch's spending as Head of State, is calculated as a percentage of profits from the estate, which includes properties such as Windsor Park.
The estate is now valued at pound sterling8.1 billion after announcing profits of pound sterling252.6 million on Thursday.
Some of the profits are diverted to the treasury to supplement government finances.
Although Crown Estate manages the Crown's portfolio, it does not own the private property of the queen.
"[Thursday's] results are a ringing endorsement of the quality of our portfolio, our active asset management and our highly skilled team," said Alison Nimmo, chief executive of the Crown Estate.
"Despite challenging market conditions, we are well placed as a business with a clear vision and investment strategy, great partners and a strong balance sheet."
About the author
- Writer: AFP
Position: News agency