London: Britain’s Head of State is to receive from the State an 8-per cent pay rise, up to a total of 82.2 million pounds ($104.9 million) to help cover her costs in 2018-19, the Royal Palace said.
Queen Elizabeth II will see her income rise by 6 million pounds and be paid through a financial arrangement known as the Sovereign Grant, which pays the salaries of those who work for her, covers her travel expenses and the upkeep of her royal residences, Efe news reported.
“The Queen’s official expenditure is met from public funds in exchange for the surrender by The Queen of the revenue from the Crown Estate,” a palace statement said on Tuesday.
The Crown Estate, which includes farms and a large portfolio of property in London, posted a rise in profits of 24.7 million pounds — to 328.8 million — in 2016/17, the statement said.
The estate dates from 1760, when an agreement was reached between the Head of State and the government to turn over any profits to the British Treasury in exchange for annually allocating the monarch with an endowment for the maintenance of palaces and the performance of royal duties.
–IANS