London: Britain’s Queen Elizabeth II is set for an 8% pay rise this year, which will boost her funding from UK taxpayers by £6 million. Latest accounts show that the 91-year-old monarch owned Crown Estate profits rose by £24 million and official net expenditure last year increased by £2 million, to almost £42 million. The sovereign grant, which pays for the salaries of her household, official travel and upkeep of palaces, is to increase in 2018-19 to make up for this rise in expenses. The sovereign grant is paid two years in arrears and is given to the queen by the UK treasury. The funding model is based on 25% of the profits of the Crown Estate, which hit a new high of £328.8 million this year.

Source: Mint June 27, 2017 13:07 UTC