The 89-year-old monarch may see her income reduced, after funding of the royal family was increased by a third, from £31 million (R580 million) in 2012-2013 to £40 million (R747 million) this financial year
The royal household’s income is currently 15% of the profits of the Crown Estate, made up of property investments, including Ascot racecourse and Regent Street in London.
These profits – which totaled £267 million (R5 billion) last year – are handed over to The Treasury, which returns 15% to the Queen for her expenses and royal duties.
However, due to a clause in the Sovereign Grant dictating that the amount given to Queen Elizabeth cannot fall below that of the previous year, and the rapidly increasing figures, trustees of the fund – including Prime Minister David Cameron and Chancellor George Osbourne – have been prompted to call for a review.
A spokesperson for Buckingham Palace said: “A review will take place after April 2016 to ensure that the grant provides the resources needed to support the Queen’s official duties.”
Author: BANG Showbiz