Hello and hi. Here in the UK the one pound note is no longer in circulation. It was withdrawn back in 1988. Google is my friend. Instead, we now use the pound coin. One would need a lot of pound coins, to lets say, buy a pair of Mulberry boots. Yes, I am talking to you Mom and Dad…Christmas is coming. That being said, the Queen is facing some fiduciary issues. Nothing to worry about, but her allowance is under review. Hey, it happens.
The amount of money the Queen receives from the Treasury is to be reviewed by the government and Buckingham Palace. To quote Whoopi Goldberg from the movie Ghost, ‘Molly…you in danger, girl.’ The Sovereign Grant is currently calculated as 15% of the profits of the Crown Estate-which owns London’s Regent Street and the ENTIRE UK seabed. I will get to the Crown Estate later. In recent years the Queen has seen a 38% rise in the money she receives from the Treasury-up from £31m in 2012 to nearly £43m this year, accounts show-according to the BBC. Meanwhile, the Treasury received a record £304.1m from Crown Estate profits. Last year, the estate’s annual report said its portfolio rose by 9.7% in value-to £1.2bn.
The Sovereign Grant, which is paid two years in arrears, is reviewed every 5 years. In the coming months, the government and a senior royal official will carry out a review of the grant, which was set at 15% in 2012. I do believe, they will need more than an abacus when carrying out the review. For real. If the formula is unchanged, the grant will rise to more than £45m next year. Wow.
The Sovereign Grant’s annual report for 2015-2016 shows the monarch cost the Treasury £40.1m, of which more than £16m was spent on the upkeep of royal palaces (and other buildings) and £4m covered the Queen and the Royal Family’s official travel costs-down more than £1m.
The Crown Estate
The Crown Estate is:
- It is an independent commercial property business and one of the largest property portfolios in the UK
- The majority of assets are in London, but the estate also owns property in Scotland, Wales and Northern Ireland
- Holdings include Windsor Great Park and Ascot racecourse, but most of the portfolio is made up of residential property, commercial offices, shops, businesses, and retail parks
- The estate started in 1760 when it was agreed that surplus revenue from the crown’s estate would go to the Treasury and, in return, the monarch would receive an annual payment
- The estate belongs to the monarch for the duration of their reign, but cannot be sold by them and profits go to the Treasury
- The monarch is then given 15% of the annual surplus of the estate, known as the Sovereign Grant, to support official duties
Source: The Crown Estate
Am not even sure why the Queen even needs money. And while she will often carry a rather posh handbag, it is a known fact that she never carries a wallet (or purse-as they say here). But I guess we all need money to live, even the Queen. Some of us need money to buy a pair of Mulberry boots. That is all.