BUSINESS

Taxpayer funding for Queen Elizabeth II rises by $7.6 million under new grant system

04/02/2013 04:36 EDT | Updated 06/02/2013 05:12 EDT
LONDON - Queen Elizabeth II has received a 5 million-pound ($7.6 million) boost in annual funds the British monarch receives from taxpayers to carry out official duties, pay staff and maintain royal palaces.

The Sovereign Grant has been set at 36.1 million pounds for the 2013/14 financial year, compared to 31 million pounds allocated during the past year.

The new fund — which equals 15 per cent of the profits of the Crown Estate — came into effect Monday, replacing centuries-old royal funding systems.

A Buckingham Palace spokesman stressed Tuesday the grant is in fact 15 per cent less in real terms than the royal household's expenditure five years ago.

Last year, royal accounts showed that the cost of supporting the monarchy rose slightly to 32.3 million in 2011 to 2012.