London – Queen Elizabeth, who celebrated 60 years on the British throne this month, might see her income rise 16 per cent after lawmakers changed the way royal finances are calculated and the Crown Estate reported record earnings on Thursday.
The monarch will be entitled to £36 million ($57.7 million Canadian) for the fiscal year through March 2014, up from £31 million pounds for this year. Crown Estate’s profit grew by four per cent to £240.2 million in fiscal 2012 on rising revenue from land leased for offshore wind parks.
The Sovereign Grant covers expenses incurred by the queen in her duties as head of state and is pegged at 15 per cent of profit generated two years earlier by Crown Estate, which manages the real estate surrendered by the monarchy in 1760. The measure, adopted last year, simplified grants previously made by the Treasury and other government departments.
“They’re a landmark set of results,” Crown Estate chief executive officer Alison Nimmo said in interview at the corporation’s office off Regent St. in central London.
The 48-year-old joined in January after overseeing the design and construction of most venues for the London 2012 Olympic Games and devising plans for their use after the event. Profit was boosted by a 17-per- cent rise in revenue at the marine estate, which leases sites used for offshore wind farms. The marine estate’s value climbed by 23 per cent in fiscal 2012.
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