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Queen's income to rise 8% after record Crown Estate profits
The Queen is to receive an 8 per cent increase to her income in two years' time after the
Crown Estate, which runs the UK monarchy's land holdings, reported record annual profits.
The Crown Estate, which manages a £12.4bn property portfolio on behalf of the monarchy,
reported an 8.1 per cent rise in net income to £328.8m for the year to March.
Property controlled by the organisation is owned by the crown, but it is managed in the
public interest and the Queen's private properties, such as Balmoral and Sandringham, are not part of
the Crown Estate.
All profits are sent to the Treasury but the royal household receives a portion, known as the
"sovereign grant", primarily to pay for the maintenance of royal palaces and official residences. The
Treasury announced in November that it was increasing the amount from 15 to 25 per cent for the
next 10 years to pay for improvements to Buckingham Palace that have been deemed essential.
The amount received by the royal household in a given financial year is based on the profits
of two years before, meaning it will receive a sovereign grant of £82.2m in 2018/19, which will be
an increase of 8.2 per cent on the current financial year.
The Crown Estate said the value of its property portfolio, which includes swaths of central
London, retail parks and rural land, rose 5.5 per cent year on year to £12.4bn.
The group is a big player in the offshore wind energy industry, given its ownership of the
seabed around the British coast. It said growth in the sector had driven an 18 per cent increase in the
value of its energy, mineral and infrastructure assets to more than £1.1bn.
The Crown Estate is also investing heavily in its central London portfolio, with the majority
of £353m acquisitions in the year aimed at beefing up its presence in the area.
Chief executive Alison Nimmo struck an upbeat note but warned that political and economic
uncertainties were clouding the outlook, despite the positive performance.
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"Looking ahead, we expect returns to remain subdued, but we are confident in the underlying
strength of our markets and our commitment to quality in what we deliver," she said.
Questions
21. The Queen’s property has been profitable.
A. True B. False C. Not Given
22. The Crown Estate is based in Balmoral.
A. True B. False C. Not Given
23. Balmoral and Sandringham are owned by the government.
A. True B. False C. Not Given
24. Most of the income from the Crown Estate properties goes to the government, but some goes
directly to the Queen.
A. True B. False C. Not Given
25. The Queen will get a sovereign grant of over £80m in 2017/18.
A. True B. False C. Not Given
26. All of central London belongs to the Crown Estate.
A. True B. False C. Not Given
27. The Crown Estate has made money from green energy.
A. True B. False C. Not Given
28. The Crown Estate has bought property in a central London portfolio.
A. True B. False C. Not Given
29. The Treasury announced that it was increasing the amount up to 25 per cent for the next decade.
A. True B. False C. Not Given
30. The Crown Estate intends to invest in Asian property market.
A. True B. False C. Not Given
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