Counting pennies at Buckingham Palace: Queen gets record-low pay rise
Advertisement

Counting pennies at Buckingham Palace: Queen gets record-low pay rise

They may have to start counting the pennies at Buckingham Palace.

Queen Elizabeth II received her lowest rise in public funding since the UK changed its financing arrangement with the royal family six years ago. The UK Treasury said in its 2018 Budget this week that Her Royal Highness will get £82.4 million ($147.8 million) for the next financial year to fund her duties as monarch, a 0.2 per cent rise from the prior 12 months, trailing September's 2.4 per cent annual inflation rate.

Queen Elizabeth's pay rise is below inflation.

Queen Elizabeth's pay rise is below inflation.Credit:AP

The Queen, 92, Britain's longest-reigning monarch, receives public funding through the income of the estate that oversees the land, palaces and jewels owned by the serving sovereign. She received 15 per cent of The Crown Estate's profits from the Treasury between 2012 and 2016, but the rate rose to 25 per cent the following year to pay for Buckingham Palace's decade-long overhaul. Based on the UK's 2017 population of 66 million, she costs each citizen £1.20 on average.

A Treasury spokesman declined to comment on the latest figures. He said the government had to act in prior years to increase funds for Buckingham Palace. "It's an iconic building that attracts thousands of tourists that was at serious risk of fire and flooding."

Adam Pritchard, a spokesman for The Crown Estate, declined to comment on the latest grant.

Separate to The Crown Estate, assets owned directly by the Queen and her immediate family include a stud farm and the world's most valuable stamp collection. She has a net worth of at least $US420 million ($593 million) from her direct holdings, according to the Bloomberg Billionaires Index.

Bloomberg

Search ASX quotes

Most Viewed in Business

Loading

Please explain

Our weekly podcast giving you insight into the stories that drive the nation.

Listen now