Tags: queen elizabeth | income | double | buckingham palace | repairs

Queen Elizabeth's Income Will Nearly Double for Palace Repairs

Image: Queen Elizabeth's Income Will Nearly Double for Palace Repairs

Queen Elizabeth II attends Royal Ascot Ladies Day 2017 at Ascot Racecourse on June 22, 2017, in Ascot, England. (Stuart C. Wilson/Getty Images)

By    |   Tuesday, 27 Jun 2017 02:16 PM

Queen Elizabeth's income from the U.K. government will nearly double by 2019 to help with work that needs to be done to Buckingham Palace.

The queen's income will increase from $54.6 million to $97 million, which will go for the replacement of electrical and plumbing systems, and other updates needed around the 775-room palace, The Guardian reported.

The funding increase was decided after a review by the Royal Trustees – the prime minister, the chancellor and Sir Alan Reid, the Keeper of the Privy Purse, noted The Guardian. The work, which is said to avoid "catastrophic building failure," will take about 10 years to complete, keeping the queen's income at elevated level through that time, according to the newspaper.

The Queen uses this money from the U.K. government as her expense account, covering the costs of travel, security, staff, and the upkeep of the royal palaces, reported CNN.

"When you consider that against what the Queen does and represents for this country, I believe it represents excellent value for money," Reid said Tuesday, according to CNN.

The network said the queen also earned another $19 million from renting out palace space and the Duchy of Lancaster, a private estate of commercial, agricultural, and residential properties that dates back to 1265.

The BBC News reported that the Sovereign Grant, which is paid two years in arrears, is money given to the Queen by the treasury. The grant is based on profits from the Crown Estate portfolio. The portfolio included a sizable portion of London's West End, which posted a $31.6 million rise in profits in 2016-17 to $420.67 million, according to the BBC News.

Travel for the queen and royal family cost British taxpayers $5.76 million last year, an increase of $639,700, according to the BBC News.

CNN reported that the Republic, a group that campaigns to abolish the monarchy, charges that it costs $440 million to maintain the royal family each year when security is factored in.

"When our police, (health care system), schools and fire services are struggling, how can we continue to justify this huge waste of money?" said Republic chief executive officer Graham Smith.

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Queen Elizabeth's income from the U.K. government will nearly double by 2019 to help with work that needs to be done to Buckingham Palace.
queen elizabeth, income, double, buckingham palace, repairs
360
2017-16-27
Tuesday, 27 Jun 2017 02:16 PM
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