June 27, 2013
Queen Elizabeth Gets A Five Percent Pay Raise

Queen Elizabeth is expecting a five percent raise in income, thanks to record portfolio profits. The Crown Estate is a massive property portfolio that includes Windsor Great Park and much of London's Regent Street.

In the last financial year, records show the Queen's investments made 253 million pounds ($380 million), or a 5.2 annual increase from last year.

From the Crown Estate, Queen Elizabeth receives 15 percent or profits through a grant, which is supplied by the British government. The grant funds the monarch's spending as head of state.

While the annual grant for the past year was 36.1 million pounds, it will rise to 27.9 million pounds next year. But anti-monarchy activists Republic called on Queen Elizabeth to reject the pay increase. In a statement, spokesman Graham Smith stated:

"The Crown Estate is not -- and never has been -- the personal property of the royals. To claim that it should fund their lavish lifestyle is deceitful and dishonest. It's public money, it's not theirs."

The Crown Estate was initially created in 1760 by King George II, who announced that crown lands should be managed by the government. The estate includes several malls across the country, about half of the UK's coastal waters, and royal parks like London's Hyde Park.

A busier than normal royal schedule, which marked the queen's 60th year on the throne caused taxpayer-funded royal expenditure to rise by 900,000 pounds, or about $1.37 million, from 32.4 million pounds the previous financial year.

Another major expense is the renovation of part of London's Kensington Palace. The one million pound renovation will turn the section of palace into a residence for Prince William, Duchess Kate Middleton, and their baby, who is due to arrive in the next month. The family is expected to move into their new residence in the fall.

Do you think Queen Elizabeth should accept her five percent raise, or should she reject it, like Republic suggests?

[Image via Shaun Jeffers / Shutterstock.com]