Sunday, 24 June, 2018

Queen Elizabeth II gets 78% raise to $97 million a year

Queen Elizabeth II is set to receive a pay rise of more than $10 million WPA Pool Queen Elizabeth II is set to receive a pay rise of more than $10 million
Ellis Copeland | 28 June, 2017, 04:16

The grant amounts to 15 percent of the Crown Estate profits, but is set to go up to 25 percent for 10 years to pay for the refurbishment of Buckingham Palace, so will rise from £42.8 million to £76.1 million next year.

The Sovereign Grant, which pays for royal household salaries, official travel and palace upkeep, is to be £82.2m in 2018/19, up more than £6m.

And despite the Queen having "a word in the ear of the principle" if she deems travel costs too expensive, the royals don't travel cheap. Asthe Guardian pointed out, the couple used a Royal Air Force plane that former Prime Minister David Cameron had refurbished during his time in office to save money.

She added: "We think it's important to look at the market more broadly than simply through the lens of the UK's relationship with the EU". The 8 percent increase is drawn from public funds.

"Consider that against what the queen does and represents for this country, I believe it represents excellent value for money", Keeper of the Privy Purse Alan Reid, who manages the royal family's finances, tells the BBC.

The most expensive outing was the Duke and Duchess of Cornwall's trip to Italy, Romania, and Austria.

Newly-released financial documents show Prince Phillip travelled from Taplow in Buckinghamshire to attend a dinner at the Royal Marines barracks in Stonehouse in November previous year.

The Queen's pay rise will partially cover a planned 10-year refurbishment of Buckingham Palace
CHRIS JACKSON GETTY IMAGES The Queen's pay rise will partially cover a planned 10-year refurbishment of Buckingham Palace

The steep raise is due to record-breaking Crown Estate profits and an overhaul of how the monarch's handout is calculated in order to fund decade-long Buckingham Palace repairs, which will cost £369m. That works out to a GBP 6-million pound raise, or CDN $10 million.

The money Elizabeth II will be able to spend not earlier than 2019.

This extra money will not really enrich the Queen, who has been able to put aside "only" one million euros past year. The monarchy's expenditure was £56.8 million [$72.2 million, 64.6 million euros] in the financial year 2016-17, annual royal accounts showed.

The Queen undertook 162 official engagements, the Duke of Edinburgh 196 and there were 65 oversea visits by members of the Royal Family.

Republic, which campaigns for an elected head of state, published its own report on royal expenses and claimed, when security and other costs are included, the annual bill for the monarchy is nearer £345 million.

Graham Smith, the organisation's chief executive, said it was a "massive bill for the taxpayer" to support "privileged lifestyles".

Shares in Russia's Sistema drop after court 'arrests' assets
Experts suggest the malware is taking advantage of the same weaknesses used by the Wannacry attack last month. The websites of Russian Rosneft and Bashneft oil companies are down following the cyberattack.


Netherlands backs India's UNSC and NSG bids
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Debenhams Plc (DEB) Price Target Lowered to GBX 39 at Investec
The stock was bought at an average cost of GBX 931 ($11.84) per share, for a total transaction of £121.03 ($153.94). Barclays Capital downgraded the shares of WTB in report on Tuesday, July 19 to "Underweight" rating.


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