Which Royal Family Member Could Be Getting a Huge Raise?
One royal family member may have substantial pay raise in their future!
Ninety is looking good for Queen Elizabeth!
Just weeks after celebrating her milestone birthday, the monarch may have something else to celebrate: a substantial pay raise.
The Queen is expected to earn $61.38 million next year, which would be a $3.7 million increase from this year, according to figures released by the palace this week.
The monarch’s salary – also known as the Sovereign Grant – is tied to the total earnings of the Crown Estate. Typically, the Queen is given 5 percent of its total profit from the previous two fiscal years.
But in the wake of Brexit, the Queen’s taxpayer-funded pay raise may be affected. The prime minister can choose to cut the 15 percent she typically receives. And since Prime Minister David Cameron announced his resignation, it would be a decision made by the next prime minister.
Under the Sovereign Grant Act 2011, that percentage is reviewed every five years and can only be changed by the three royal trustees: the prime minister, the chancellor and the Queen’s keeper of the privy purse. Any changes are presented before the House of Commons as an “affirmative resolution” without debate.
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Although the percentage can be lowered, the Queen cannot receive less than she was given the previous year.
The Queen’s salary is used in a variety of ways, from travel to maintenance. The biggest expense this year was the upkeep of Buckingham Palace, with repairs costing an estimated $21.9 million.
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“This has been a positive and important year for the Sovereign Grant, during which we have signaled our priority for the future by increasing the amount spent on property maintenance,” Sir Alan Reid, the Keeper of the Privy Purse, said in a statement. “The Occupied Royal Palaces are a vital part of our national heritage, and can only be preserved through sustained investment.”
Figures released by Buckingham Palace also show that the most expensive journey by a member of the royal family during the past year was Prince Charles and wife Camilla, Duchess of Cornwall‘s visit to the Balkans in March by charter flight, which cost $125,989.
Buckingham Palace said the royal family now costs 83 cents for every citizen of the United Kingdom, up from 78 cents last year.