Royal pay hike: Queen to get a raise in 2018
Published Tuesday, June 27, 2017 11:46AM EDT
Last Updated Tuesday, June 27, 2017 12:40PM EDT
The Queen is about to get a raise, of sorts.
The Sovereign Grant, which pays for the household salaries and official travel expenses of the Royal Family, will increase by eight per cent next year. That works out to a GBP 6-million pound raise, or CDN $10 million.
The Grant is also used to for the upkeep of the Royal palaces, including Buckingham Palace, which is said to be in need of approximately 370 million pounds-worth of repairs.
The grant increase is based on profits from the Crown Estate portfolio, a huge property portfolio worth more than 12 billion pounds.
Sir Alan Reid, the Keeper of the Privy Purse, said in a statement that the Queen represented "excellent value for money".
“In 2016-17 the Sovereign Grant equated to a cost of 65p per person in the United Kingdom – the price of a first-class stamp. When you consider that against what The Queen does and represents for this country, I believe it represents excellent value for money,” Reid said.
He noted that, last year, members of the Royal Family undertook more than 3,000 official engagements, including attending the centenary of the Battle of the Somme, and celebrating the success of Team GB (Great Britain) at the Olympic and Paralympic Games in Rio.
He added that the activities of the Royal Family “are vital in bringing the Monarchy into direct and personal contact with all sections of society.”
Last year, the Royal household received 57.5 million pounds through the Sovereign Grant and other income, but spent only 56.8 million. The additional funds were placed into a reserve.
The Sovereign Grant is calculated based on profits of the Crown Estate, a portfolio of British property that includes Windsor Castle and St. James Palace, as well as retail property and shopping centres, and tens of thousands of hectares of agricultural land, fishing seabeds and forests across the U.K, says CTV’s Daniele Hamamdjian.
“This is something that’s been in place since 1760. Money made by the Crown estate goes to (Her Majesty's Treasury) and the treasury pays the monarch,” she told CTV News Channel from London.