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Michael Stevens, the Queen's treasurer, confirmed in a statement on Friday that the size of the Sovereign Grant, one of the royal family's, won't be affected by an expected slump in profits from the Crown Estate's investments.
The Sovereign Grant is a lump sum payment from the government that covers official travel, staff costs and palace expenses. The grant is generated from the Crown Estate, a real estate company that boasts a sprawling collection of farmlands and prime. Most earnings from the Crown Estate go into government coffers, but 25% are paid out by the government to the Queen in the form of the Sovereign Grant.
Last week, the Crown Estate reported a record profit of £345 million for the year to March 2020, but warned that earnings for the fiscal year to March 2021 will be"significantly down" on that amount due to the impact of the pandemic on its portfolio.earlier this year as the lockdown kept millions of workers, shoppers and tourists away.
But the Queen won't be taking a pay cut even if income falls at the Crown Estate this year. The way that the grant is calculated means that she will receive her share of £345 million — £86.3 million — in the year to March 2022. Her payout will also remain at that level in future years, even if the Crown Estate's profit remains under pressure, because the law governing the grant does not allow it to fall in absolute terms.
"In the event of a reduction in the Crown Estate's profits, the Sovereign Grant is set at the same level as the previous year," a Treasury spokesperson told CNN Business."The Sovereign Grant funds the official business of the Monarchy, and does not provide a private income to any member of the royal family," the spokesperson said.
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