PRLog (Press Release) – Jul 01, 2010 – Britain’s Queen Elizabeth is prepared to share some of the English public's grief from the toughest spending cuts in years, following the finance minister’s declaration that he would freeze her annual state allowance this year.

The monarch is said to have given her ‘full agreement’ to a one-year cap on her £7 9 million ($16.6 million) salary, said Chancellor George Osborne, in an emergency budget statement.

The queen has not had a pay increase in 2 decades and newspaper reports suggest her courtiers are pushing the new government to raise her allowance, for carrying out public roles.

"Because of inflation, the annual payment is today worth only a quarter of what it was 20 years ago. This has required careful management," Osborne said.

The timing is unfortunate, given the poor condition of the public finances and the frail economic recovery. The queen's allowance is scheduled for its 10-yearly evaluation.
The Daily Telegraph stated that the current payment fell £7 million short of covering the yearly cost of the Queen's public duties.

Queen Elizabeth and her husband Prince Philip are the only royals to receive payment from the Civil List. The major part of which goes towards paying staff, while the remainder is spent on things like official functions such as garden parties, stationery and laundry.
The first allowance for the reigning monarch was fixed in 1689 at £1.2 million, although that included money for the military.

The Queen and her husband Prince Philip are the only royals receiving payment from the Civil List. The bulk however, goes towards paying staff, with the remainder being spent on things like stationery, laundry and official functions such as garden parties.

The government has reported that the Queen's expenditure will now be analyzed by the National Audit Office, the agency that pores over the accounts of government departments.
Though nine of the world’s fifty wealthiest people are women, the Queen, with her $14.7 billion estate is not recorded amongst them.

Highest on the list of the wealthiest women is 56 year old Alice Walton, daughter of Wal-Mart founder Sam Walton, worth approximately $20.7 billion. Liliane Bettencourt, of L’Oreal, comes next, with $20 billion.

From the time of the reign of King Goerge III, when a new monarch ascends the throne, they sign a lease to the government, handing over the £7billion pound ($14.7 billion) portfolio to the government. The Crown estate is then managed by an independent group, on behalf of the government.

Should the new monarch decide not to sign the lease, the monarch would regain management of the $14.7 billion portfolio and would be removed from the civil roll payments.

For more information about British Queen Agrees To Pay Cut, visit website http://www.tropicpost.com/pay-cut-for-queen-of-england/

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