Queen Elizabeth II's private income increases by Rs. 10 crore
Queen Elizabeth II receives money from the Duchy of Lancaster every year, and new data shows her private income increased by £1mn (approximately Rs. 10 crore). Her income saw an increase of 4.9% in 2017-18 which translated to hike from £19.2 million to £20.1 million. This money is used to fund the monarch's private and public activities. An official called it a positive year.
For decades, Duchy of Lancaster has been making royals richer
The Royal family of Britain has been owning Duchy of Lancaster since 1399. The Duchy is a portfolio of land, property and assets, and generates income. The Duchy is spread across thousands of hectares, includes 10 castles and many historic buildings like Savoy Estate in central London and in Harrogate. A number of industrial and warehouse properties are also owned by the Queen.
In report about income, Brexit was flagged as potential risk
This year, commercial activity contributed to 64% to the Duchy's income. 18% was earned from agriculture, 10% from financial activities and 8% from residential income. Notably, the report, which revealed the earnings, flagged Brexit as 'strategic risk'. The Duchy carries out five-year business plans and prepares forecasts for the coming year. The Queen chooses to pay taxes for money earned from Duchy.
CEO of Duchy council explains reason behind positive growth
"The continued push on restoration and a more focused in-house approach to the management of our surveys has served us well this year and contributed significantly to further improving tenant relations, reducing voids and increasing efficiency," said Nathan Thompson, CEO of Duchy Council.
Meanwhile, expenditure of Queen saw a considerable rise too
Further, the records which were released last month showed a 13% rise in Queen's expenditure as renovations of Buckingham Palace started. The money spent by the Queen rose from £41.9 million to £47.4 million. Notably, the income generated by the royal family also increased by 16%. Each year, the United Kingdom government gives money to the monarch, called Sovereign Grant, for their duties.