Royal austerity as Queen given lowest pay rise in years

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Royal austerity as Queen given lowest pay rise in years

The Queen has received a pay rise – but at 0.2 per cent it’s the lowest increase the reigning monarch has been given in years.

Philip Hammond UK chancellor of the exchequer holds the dispatch box containing the 2018 budget Image Chris Ratcliffe Bloomberg via Getty Images
Philip Hammond UK chancellor of the exchequer holds the dispatch box containing the 2018 budget Image Chris Ratcliffe Bloomberg via Getty Images

In its 2018 Budget, the UK Treasury said Queen Elizabeth II will get £82.4 million for the coming financial year to fund her royal duties. The rise trails behind Septembers’s 2.4 per cent annual inflation rate and is the smallest increase to be awarded to Her Royal Highness since the UK changed its financing arrangement with the royal family six years ago.

Known as the Sovereign Grant, the package funded by taxpayers is given to the Queen by the Treasury and is 25 per cent of the revenue from the Crown Estate.

Paid two years in arrears and reviewed every five years, it is given in exchange for her surrendering all profits from the Crown Estate to the UK government.

Queen Elizabeth II has been given her lowest pay increase in recent years Image Max Mumby Indigo Getty Images
Queen Elizabeth II has been given her lowest pay increase in recent years Image Max Mumby Indigo Getty Images

The Crown Estate is made of of a large number of properties owned by the royal family, including the entire UK seabed, almost all of Regent Street in London’s West End and Ascot racecourse.

Each year, it costs around £300 million to run the British monarchy, made up of both public and private funding.

The Queen, who is the longest-reigning monarch the UK has ever had, receives a substantial amount of private funding from the Privy Purse.

This money comes directly form the Duchy of Lancaster, the private estate made up of land and properties which is held in a trust.

Source: EXPRESS CO UK