British queen's funding rises by $7.6 million
Britain's Queen Elizabeth II smiles as she walks past Yeoman of the Guard, after attending the Maundy service, at Christ Church Cathedral in Oxford, England, Thursday, March 28, 2013. During the service the Queen distributed the Maundy money to 87 women and 87 men, one for each of The Queen’s 87 years. Each recipient receives two purses, one red and one white. The red purse will contain a 5 pound coin and 50 pence coin commemorating the 60th anniversary of The Queen’s Coronation. The white purse will contain uniquely minted Maundy Money. This takes the form of silver one, two, three and four penny pieces, the sum of which equals the number of years the Monarch has years of age. This year there will be 87 pennies worth distributed. (AP Photo/Kirsty Wigglesworth, Pool)
LONDON (AP) — Queen Elizabeth II has received a 5 million-pound ($7.6 million) boost in annual funds the British monarch receives from taxpayers to carry out official duties, pay staff and maintain royal palaces.
The Sovereign Grant has been set at 36.1 million pounds for the 2013/14 financial year, compared to 31 million pounds allocated during the past year.
The new fund — which equals 15 percent of the profits of the Crown Estate — came into effect Monday, replacing centuries-old royal funding systems.
A Buckingham Palace spokesman stressed Tuesday the grant is in fact 15 percent less in real terms than the royal household's expenditure five years ago.
Last year, royal accounts showed that the cost of supporting the monarchy rose slightly to 32.3 million in 2011 to 2012.