22 June 2017

Crown Estates

Her Maj opening parliament
with her pro-EU hat on.
Partly just because they're in the news again, there are the usual complaints about the Royal family sponging of the taxpayer. I'm always surprised that British people believe this. As far as I can tell it's simply not true.

As I understand it, a badly indebted George III, on his accession in 1760, signed over all rents and other income from his portfolio of land and forestry holdings, currently valued at ~ £12 billion. In return the govt administer it all and pay the monarch a stipend. In 2016 the Crown Estate earned the UK government about £305 million in profit.

The Queen gets about £45 million a year to run the Royal household, most of which is not discretionary. Leaving HMRC roughly £260 million better off. Prince Charles has his own private income of ~ £20 million p/a from lands in Cornwall. Both of them now pay taxes.

The Royal family make a large net contribution to the UK economy and the tax base without even considering factors like tourism. And they don't get to hide their money offshore like other rich people.

I'm inclined towards republicanism and redistribution of the vast unearned wealth of the ultra-rich, though seeing the Queen out there comforting victims of the tower block fire (at her age) and wearing that EU hat to parliament yesterday, I feel well disposed towards her personally.

Its a bit depressing how much of British public opinion seems to come from the gutter press. And the negative impact this has on how Brits feel about themselves and their countries.

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