British Queen faces pay freeze!
The British Queen is all set to feel the pinch of the economic downturn as she faces a pay freeze until 2015 as part of austerity measures imposed in a shake up of the royal finances, according to a media report.world Updated: Dec 04, 2011 20:03 IST
The British Queen is all set to feel the pinch of the economic downturn as she faces a pay freeze until 2015 as part of austerity measures imposed in a shake up of the royal finances, according to a media report.
The royal household is on course for six successive years of funding cuts -- affecting the Queen's income, which has dropped in real terms since 2009.
The austerity measures mean the monarch's royal palace repairs will likely be halted.
"And any extra taxpayers' money previously used to fund the court of the Duke and Duchess of Cambridge, will also no longer be available," the Daily Mail reported quoting the Sunday Times.
"The Prince of Wales will be responsible for the costs of providing staff for the Duke and Duchess of Cambridge, until Charles becomes king," it said.
Under the new arrangement, the Queen will receive 15 % of the profits made over two years from the Crown Estate, whose portfolio includes Regent Street, Windsor Great Park and more than half the country's shoreline.
Chancellor George Osborne has imposed the freeze on the Queen's taxpayer funding -- setting payments at 30 million pounds per year until April 2013. But she will receive a further one-off payment of 1 million pounds to fund the cost of the diamond jubilee.
In stark contrast, she received 77.3 million pounds from taxpayer funding in 1991-92, but since the recession she has seen a huge drop, the report said.
In 2008-9 it had fallen to 38.3 million pounds, while last year she received only 32.1 million pounds, according to an official Treasury briefing document placed in the House of Commons and House of Lords libraries.
First Published: Dec 04, 2011 18:45 IST