The British taxpayer funding for the queen has peaked at 36.1 million pounds (US$54.6 million), rising 5 million pounds from the previous year. The new Sovereign Grant replaces previous separate grants, rolling them into one large subsidy.
It will be used to maintain palaces as the country faces cuts.
The Sovereign Grant, used to finance royal duties and transportation, pay staff and maintain palaces, has had the publically-funded boost, topping last year’s sum of 31 million pounds – despite the fact that last year an extra 1 million pounds was allotted for the Diamond Jubilee celebration.
The money will cover the year 2013/2014, and the new financial year will begin on Monday. Official expenditure increased slightly from 32.1 million pounds in 2010/11 to 32.3 million pounds in 2011/12.
The Sovereign Grant is a replacement for the old UK funding system for the monarchy. Previously, the civil list, and ‘grants in aid’ funded the Queen’s transport and duties separately.
The new rise means funds equate to 15 per cent of the profits of the Crown Estate – the body that oversees the administration of the Queen’s properties.
The Crown Estate’s 2011/12 accounts show that profits of 240.2 million were reaped from its properties that year. It is one of the largest property owners in the UK.