Queen Elizabeth gets salary increase

2012-06-21 07:31
London - Britain's Queen Elizabeth has another reason to be cheerful in her Diamond Jubilee year - her annual pay is about to jump by 20% to £36m.

Her property holdings, known as the Crown Estate, posted a record profit of £240.2m, a net rise of 4% in the year through March 2012 largely due to strong tenant demand for its shops in the upmarket Regent Street and St James's districts of London.

At a time when Britain is in recession and many families are feeling the pinch of higher household costs and taxes, the Queen's allowance will rise to £36m from £30m, the level at which it was frozen in October 2010 under new laws which peg her pay to the estate's profits.

"It's a great set of results and I'm sure everyone's going to be happy," Crown Estate Chief Executive Alison Nimmo said.

Celebrations

The 85-year-old queen celebrated her 60th year on the throne this month with a 1 000-vessel flotilla on London's River Thames and nationwide street parties.

She has been paid by taxpayers through an allowance set by Parliament and via other government grants since King George III ceded all property profits to the Treasury in 1760.

The Crown Estate pays all of its profit to the Treasury, or finance ministry. Under new laws that come into effect in 2013-14, the monarch's pay is calculated as 15% of the estate's profits from two years prior.

Rise and fall with economy

The changes were designed to ensure the queen's pay would rise and fall with the health of the British economy, which this year entered its second recession since the start of the global financial crisis.

Used mainly to pay the Royal household's staff as well as for items like laundry, stationery and official functions, her 2013-14 pay will be the highest since 2008 though still less than half of her 1991 pay of £77.3m.

The Crown Estate, which owns a mix of wind farms, retail parks and most of Britain's seabed in addition to its central London properties, outperformed the industry's Investment Property Databank (IPD) benchmark index due to strong international interest in the London property market and the country's growing dependency on renewable energy.

The value of its property portfolio rose 7.4% to £7.6bn from the previous year, while the total return, which includes rental income, was 16.8&, outperforming the IPD index by 10.4 percentage points.

Its London projects include the £500m regeneration of the St James's district, where it will redevelop almost 300 000 square feet of new shops, offices and homes.

Comments

  • Franna16 - 2012-06-21 08:08

    Wow. I still don't see the point of having a king/Queen in this modern age.

      Ninjinvee - 2012-06-21 13:23

      The whole world is fascinated by her family's lavish, unjustified and wasteful lifestyle. her family isn't that great. They are human beings just like others. Cut the queen's hand and red blood also flows, just like others. Nothing makes them royal except a bunch of British citizens believing it. I agree with Franna, there really is no point in having a king/queen in this modern age. It's a pure money-making, selfish scheme. Tell the queen to visit places like Ethiopia so she can get a reality check. They live false, superficial lives filled with glamour.

  • damonsb - 2012-06-21 08:13

    can someone please tell me what a 100 year old woman gonna do with 36million

      777productions - 2012-06-21 09:35

      have a stunning gold / platinum box for her skeleton

      rose.mcmillan - 2012-06-21 14:05

      Hand it down to her survivors, did you expect to get some of it.

      harold.parsons.37 - 2012-06-21 18:49

      Ill explain later in the mean time get a brain it will make it easier for common human like you to understand

  • bongani.nzimande - 2012-06-21 08:21

    Her majesty da queen

  • Mfundi - 2012-06-21 09:01

    A pure example of how to WASTE money!

      rose.mcmillan - 2012-06-21 14:07

      Jealously makes you nasty, she works very hard for England and the Commonwealth. SA government is the ones who waste money

  • leonard.rom.7 - 2012-06-21 09:03

    as long as you can buy bread

  • 777productions - 2012-06-21 09:35

    Sounds like she's the perfect person to donate a % to charities locally and internationally ...eg. cancer awareness ; AIDS research ;

      Peter - 2012-06-21 12:25

      She actually does they say. That being said, they said the same about Diana ... but now I see one of the snot-noses will be getting his paws on £10M --- so how much as a prcentage do they REALLY donate I ask?

  • zwai.tshofela - 2012-06-21 13:29

    I always had questions, about this Kingship, while the majority goes to work and are filling the pitch they just do nothing, and are getting payed for that, and you call that fair.

      rose.mcmillan - 2012-06-21 14:10

      You don't know what you are talking about, if you want to see loafers who get paid for doing nothing look at the Cabinet Ministers and the rest of the ANC SA government. lEAVE THE BRITISH ROYALS ALONE

      Ninjinvee - 2012-06-27 17:04

      Rose, if you are so patriotic about the numbskull British Royals who have High Tea, then be our guest and LEAVE SOUTH AFRICA! Go and massage the Queen's feet or something

  • rose.mcmillan - 2012-06-21 14:11

    You deserve the incease Your Majesty, you work very hard for what you get

      Ninjinvee - 2012-06-21 15:25

      Dear Rose, May you gain some perspective. The Queen may work and stand for very righteous values. But she by no means works hard enough to justify a 36m Pound/year salary. There are people who work 20 hour days, 7 days/week, literally, and get paid peanuts. Go to Asia and you will learn what is HARD WORK. YOU don't know what you are talking about :) And yes, the ANC is a perfect example of loafers being paid for doing nothing. But the fact still remains that the Queen is by no means royal. All that makes her "royal" is a group of ignorant citizens who regard her as royal and give her that power.

  • mike.ndlovu - 2012-06-21 14:43

    The Royal family draws a lot of revenue through tourists/business attraction. Millions of people flock into that country for business & leisure due to the heritage inherent in this royal family. I am sure it justifies the allocation of such a huge amount. British people should know it better or should i say, may be it is hard to realize her intrinsic value until she is taken away. Cherish your own heritage!

  • Dipuo.nekota - 2012-06-21 14:59

    wtf shes like so old wts with de increase i min like dis is 2012 who cares bout queens an all *bored*

      Bafo Ngqunge - 2012-06-22 16:04

      Jaja

  • ken.rowe.509 - 2012-06-22 13:26

    Maybe the Queen could buy Zuma a few more jets ?

      Ninjinvee - 2012-06-22 13:53

      Maybe Zuma could marry the queen? THEN...maybe SA will prosper.

      john.bucknall.1 - 2012-07-30 10:46

      Can you imagine him flashing her his spear?

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