Queen Elizabeth gets five per cent pay rise

By admin
28 June 2013

Britain's Queen Elizabeth will be paid £38 million next year thanks to record profits from The Crown Estate.

Britain's Queen Elizabeth has landed a 5,2 per cent pay rise.

The monarch will be paid £38 million (R589 million) from next April after The Crown Estate once again posted record profits, which the Queen gets a hefty share in thanks to a new deal made by Chancellor George Osborne.

The Crown Estate, which owns and runs land and property on behalf of the Queen, saw profits increase from £240 million (R3,7 billion) to £252.6 million (R3,9 billion) in the last tax year.

The Queen now receives support from the taxpayer in what is known as the Sovereign Grant, which is 15 per cent of The Crown Estate's profits two years in arrears.

According to the Daily Express newspaper, chairman of The Crown Estate Stuart Hampson said, "We are proud that another record Crown Estate performance will again make a strong contribution to the nation's finances."

The announcement comes just before the official publication of the 87-year-old monarch's financial accounts for 2012-13, which are expected to be higher than usual thanks to her lavish Diamond Jubilee celebrations last summer and the London 2012 Olympics.

The Queen uses her impressive salary to pay wages to the royal household's staff as well as items such as laundry, stationery and official functions.

-Bang Showbiz

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