The British monarch is to receive a financial boost from the taxpayer.
The Queen will get an increase of 8 percent in income from public funds, after the Crown Estate’s profits rose by £24m.
The increase in funding will take place as extensive repairs costing £369m are being carried out at Buckingham Palace.
The BBC reports:
Sir Alan Reid, Keeper of the Privy Purse, said the Queen represented “excellent value for money”.
He said: “When you look at these accounts, the bottom line is the Sovereign Grant last year equated to 65p per person, per annum, in the United Kingdom.
“That’s the price of a first class stamp.
“Consider that against what the Queen does and represents for this country, I believe it represents excellent value for money.”
The Queen and the Royal Family’s official travel cost the taxpayer £4.5m during 2016/17, up £500,000.
Clarence House has also released its annual accounts, which showed the Prince of Wales’ annual income from his hereditary estate, the Duchy of Cornwall, increased by 1.2% – to £20.7m.
The Sovereign Grant, which is paid two years in arrears, is money given to the Queen by the Treasury.
It is based on the profits of the Crown Estate portfolio, which includes much of London’s West End.
The Crown Estate posted a £24.7m rise in profits, to £328.8m, in 2016/17.
Republic, which campaigns for an elected head of state, published its own report on royal expenses.
It said that once security and other costs were included, the annual bill for the monarchy was nearer £345m.
Graham Smith, the organisation’s chief executive, said it was a “massive bill for the taxpayer” to support “privileged lifestyles”.
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