Queen Elizabeth is getting a huge pay boost this year. This is to help reconstruct Buckingham Palace. The monarch received £42.8 million as tax-free income from the state last year as her annual “sovereign grant”.
Now, this year the pay-raise will be by 78% that is up-to £76.1 million ($97 million).
As reported earlier the Buckingham palace undergoes an extensive face lift so, the payouts from the state are expected to remain at elevated levels for 10 years.
The staff has been appointed the task of replacing wires and pipes that are nearly over 60 years old. As the monarch has allowed tour of the Buckingham Palace so, visitor’s access will be improved. Not to forget, the overall design, exterior and interiors of the 775 room London Palace will remain the same.
ABOUT THE PAY-RAISE
This project once completed seeks to prevent a serious risk of fire, flood and damage to both the building and the priceless Royal Collection of art and antiques which belongs to the nation.
Queen Elizabeth and the other Royals are grated sovereign each year. This money is then used by The Queen as her expense account. Also used for covering her costs of travel, security details, staff of the Royal Palaces.
The 91-year-old monarch also earns income from the Duchy of Lancaster. A private estate of commercial, agricultural and residential properties that dates back to 1265.
NOT MUCH SAVED.
Even with all the millions rolling in each year, Queen is not able to save much. She spends most of her money on staff and property maintenance. Whenever there are leftovers after paying all the expenses, the excess is placed in the “Sovereigns Grant Reserve”.