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Queen Gets $38 million Pay Raise

queen

October 11, 2013

www.helpfreetheearth.com

The Queen is set to receive an inflation-busting 22 per cent ‘pay rise’ over two years, according to new official figures.

She is now expected to be given £37.9 million in 2014-15 to run her Household and conduct official engagements, up from £31 million in 2012-13.

The figures were released yesterday by the National Audit Office which has, for the first time, been allowed to examine all aspects of the Queen’s funding as Head of State.

ROYAL MONEY LAUNDERING

In 2012, Britain’s financial regulator fined the British queen’s bank for money laundering failures. A French presidential candidate stated that part of the queen’s fortune “comes from drug trafficking.”

The Financial Services Authority (FSA) fined the British queen’s bank, Coutts Bank, 8.75 million pounds for failing to carry out correct checks on “politically exposed persons” and prevent money laundering.

Known as the British Queen’s banker, Coutts was criticised for “significant, widespread and unacceptable” failures, as described by Tracey McDermott, acting director of enforcement and financial crime.

ROYAL DRUG TRAFFICKING

Jacques Cheminade, an independent presidential candidate running in the French election, said, “a part of the fortune of the Queen of England comes from drug trafficking.” The British queen owed her fortune to drug money laundered by “Jewish bankers in The City.”

Cheminade said on television LCP French National Assembly, "it is a series of trafficking in which, yes, there is trafficking drugs.”

“The size of the financial penalty demonstrates how seriously we view its failures,” McDermott said. Until last year the monarch was funded by a complicated combination of civil list payments and government grants.

Following an extensive review of royal finances by the government, the Queen now receives one single pot of money known as the Sovereign Grant to largely spend as she wishes on everything from funding her office to repairing the palace roof.

In each of the last six years, the Queen’s programme has on average seen her conduct more than 300 engagements in addition to 3,000 trips by the rest of the Royal Family , six gardens parties and more than 26 investitures.

The money is taken from the Crown Estate, a wealthy portfolio of agricultural land, buildings and property - ranging from a retail park in Liverpool to London’s Regent Street - which historically belonged to the monarchy but the profits of which have, since the reign of George 111, gone to the Treasury.

As a result of protracted - and sometimes combative - negotiations with Downing Street, the monarch is now, for the first time in two centuries, entitled to keep 15 per cent of its profits with the rest going to the Treasury.

This year the Crown Estate announced record revenue of £253 million. Its entire holdings are now worth an astonishing £8.1 billion and the NAO says that profits are likely to continue to rise, meaning the Queen will enjoy further increases in funding to come.

The palace insists most of its extra cash will be spent on a ‘massive backlog’ of repairs to royal palaces, which the Queen holds in trust on behalf of the nation. It has long complained of having to put off millions of pounds worth of essential repairs due to those real-term falls in funding.

The new NAO report also highlights the royal household’s efforts to increase income through money-spinning schemes such as renting out its facilities for commercial events. This has generated a rise of 54 per cent in profits, £11.6 million last year alone.

Other nuggets in the report show that the monarch’s 436 staff cost her £19.5million a year, although anyone earning more than £21,000 has had their pay frozen since 2011 in a bid to cut bills.

Last year the family spent £4.5 million on travel, a real term reduction of 30 per cent in the last decade, as royals were told to stop using private jets and take scheduled flights instead.

Of that £900,000 was spent on rail journeys last year and £1.6 million on helicopters. The royal train, which was used just 15 times last year at an average cost of more than £25,000 is now under review again.

Chris Heaton-Harris, Conservative member of the Public Accounts Committee, as part of the royal finances investigation said: ‘It is the first time the PAC or parliament has had this level of access to the Royal Household’s accounts.

By Rebecca English

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