Queen Elizabeth II to get a huge pay boost

Queen Elizabeth II is getting a huge pay boost this year to help refurbish Buckingham Palace.

The Queen received £42.8 million in tax‑free income from the state last year as her annual "sovereign grant."

This year the payment will increase by 78% to £76.1 million.

Payouts from the state are expected to remain at elevated levels for 10 years as Buckingham Palace undergoes an extensive face lift.

Staff have to replace wiring and pipes that are over 60 years old.

Visitor access will be improved, but the overall design and exterior of the 775‑room London palace will remain the same.

Last year the U.K. Treasury said the project seeks to prevent a serious risk of fire, flood and damage to both the building and the priceless Royal Collection of art belonging to the nation.

The Crown Estate consists of prime real estate, farms and coastlines that generate hundreds of millions of pounds each year, most of which ends up in government.

A portion of the profit is eventually given back to the Queen and her family each year in the sovereign grant.

The Queen uses this money as her expense account, covering the costs of travel, security, staff and the upkeep of the royal palaces.

Source: BBC