Despite George Osbourne announcing spending cuts, the queen is set for a 5% rise in frunding from the taxpayer. This increase is a result of The record profits posted by The Crown Estate.
The Estate saw it’s profits increase from £240m to £252.6m in the last year. As a result the Queen will receive a Sovereign Grant from the taxpayer tot he tune of £37.9m in April 2014, a rise from £36.1mm this year.
The Crown Estate portfolio includes a plethora of assets throughout the the U.K, from Regent Street to farm and park land. the increae in profits was driven by the rise in rents paid by retailers in the Estates urban properties, as well a spayments from energy companies to install wind farms and other offshore renewable energy projects.
The capital value of the Crown Estate’s assests also increased by around 7% to £8.6bn.
Historically, The Crown Estate paid it’s profits to the Treasury in return for an annual fee paid to the monarch. George Osbourne, however, changed this relationship by linking the monarchy’s fuding directly to the profits of teh Crown Estate.
This is likely to be revised in the coming years, with the Estate’s profits likely to continue rising. Alison Nimmo, Chief Executive of The Crown Estate said, ” We have the best portfolio, I would say, anywhere in the world. We have extraordinary assets.’
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