Queen's Sovereign Grant expected to rise 22 per cent to £37.9m
11 OCTOBER 2013
A report into royal spending has revealed the Queen is expected to receive a significant 'pay rise' to run her household and schedule official engagements next year.
The Sovereign Grant – a new way of funding the monarchy which replaced the civil list and various government grants in April 2012 – is expected to increase from £31million to £37.9million in 2014-15. This is a rise of 22 percent.
The figure was revealed by a report prepared by the National Audit Office into the way the Sovereign Grant is spent, which was undertaken for the Commons Public Accounts Committee.
CLICK ON PHOTO TO ENLARGE
The parliamentary committee will question royal staff including the Keeper of the Privy Purse, Sir Alan Reid ,on Monday as part of as investigation into royal finances.
While making the recommendation for the increase, the NAO report also gives the royal household credit for reducing expenditure in real terms by scaling back spending. According to the figures real-term expenditure was £32.9million in the period of 2011-2012, compared to £72.6million in 1991-92.
The cutbacks have meant the Queen has repeatedly dipped into her savings and is said to be down to her last £1million, leaving the household vulnerable to "unexpected costs".