British monarchy's cost to taxpayers up US$1.5m
Source: AFP |
June 28, 2013, Friday
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Print Edition
Print Edition
THE public cost of the British monarchy rose by just under 1 million pounds (US$1.52 million) last year to 33.3 million pounds but fell in real terms, palace accounts revealed yesterday.
Diamond jubilee celebrations marking Queen Elizabeth II's 60th year on the throne made the 2012/13 financial year "challenging," Buckingham Palace said.
But it added that the British taxpayer was paying 3 million pounds less for the monarchy than five years ago after adjustments for inflation, due to falling travel costs and a rise in royal incomes.
The 87-year-old monarch has been scaling back the grueling travel schedule that has kept her jet-setting for six decades, and is increasingly handing over duties to younger royals.
The queen's official expenditure rose by 900,000 pounds in 2012/13, when the grant was set at 31 million pounds including an extra million pounds to pay for the diamond jubilee. An additional 2.3 million pounds was drawn from reserves.
"In the year of the queen's diamond jubilee and the London Olympics, the royal household has achieved a real terms reduction in expenditure on supporting the queen's official duties," said Sir Alan Reid, Keeper of the Privy Purse and head of palace financial management.
"The royal household has continued to reduce its expenditure funded by the taxpayer in successive years since 2008-9 achieving a real terms reduction of 24 percent over the last five years."
The accounts revealed that 1 million pounds has been spent renovating the Kensington Palace apartment which will be the London home of Prince William and his wife Catherine once their baby is born. The baby, third in line to the throne, is expected in mid-July. The 1 million pounds has been used to remove asbestos and repair the roof, while redecorating will be privately funded.
Royal travel cost the British public 4.5 million pounds in 2012/13, down from 5 million pounds a year earlier.
Officials said the queen's income will rise by five percent next year after the Crown Estate, a vast property empire from which she draws her funds, reported record profits.
Diamond jubilee celebrations marking Queen Elizabeth II's 60th year on the throne made the 2012/13 financial year "challenging," Buckingham Palace said.
But it added that the British taxpayer was paying 3 million pounds less for the monarchy than five years ago after adjustments for inflation, due to falling travel costs and a rise in royal incomes.
The 87-year-old monarch has been scaling back the grueling travel schedule that has kept her jet-setting for six decades, and is increasingly handing over duties to younger royals.
The queen's official expenditure rose by 900,000 pounds in 2012/13, when the grant was set at 31 million pounds including an extra million pounds to pay for the diamond jubilee. An additional 2.3 million pounds was drawn from reserves.
"In the year of the queen's diamond jubilee and the London Olympics, the royal household has achieved a real terms reduction in expenditure on supporting the queen's official duties," said Sir Alan Reid, Keeper of the Privy Purse and head of palace financial management.
"The royal household has continued to reduce its expenditure funded by the taxpayer in successive years since 2008-9 achieving a real terms reduction of 24 percent over the last five years."
The accounts revealed that 1 million pounds has been spent renovating the Kensington Palace apartment which will be the London home of Prince William and his wife Catherine once their baby is born. The baby, third in line to the throne, is expected in mid-July. The 1 million pounds has been used to remove asbestos and repair the roof, while redecorating will be privately funded.
Royal travel cost the British public 4.5 million pounds in 2012/13, down from 5 million pounds a year earlier.
Officials said the queen's income will rise by five percent next year after the Crown Estate, a vast property empire from which she draws her funds, reported record profits.
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