The Queen is to receive a record pay rise of 22 per cent over the next two years, boosting her annual income to $64 million.
The pay rise comes as the monarch has apparently fallen on hard times, down to her “last million”, according to a report.
The Queen’s income is linked to profits from the Crown Estate, a wealthy portfolio of farming land, building and property, ranging from Ascot racecourse to London’s Regent Street.
The Crown Estate is owned by the reigning monarch, but all profits have gone straight in the government’s coffers since the early 1800s.
The National Audit Office, which for the first time has been allowed to examine all aspects of the Queen’s funding as Head of State, found the royal family’s funding had undergone “significant reductions” in the past twenty years.
The report revealed slashing grants for royal travel by 76 per cent and maintenance budgets for palaces including Buckingham Palace and Windsor castle cut by 60 per cent, has forced Her Majesty to dip in to her savings leaving only £1 million — approximately $1.69 million — in the Royal Household’s reserves, the Daily Mail reports.
The NAO, an independent body which scrutinises public spending, says the palace’s need to draw on reserves is of serious concern.
“As part of its long-term planning the Household may need to consider whether the Reserve is adequate to meet unexpected costs,” the report said.
The report also showed the monarch’s 436 staff cost her $32 million a year, but anyone earning more than $35,000 had their pay frozen since 2011 as part of the household cost cutting measures.
Royal Household jobs are famously low-paid, but still extremely coveted by British job seekers.
Earlier this year an advertisement for palace maid angered some, paying just over minimum wage and less than a third of what housekeepers in other government branches earn.
The royal family were also found to have spent more than $7.6 million on travel in the past year, which is a 30 per cent real term reduction in travel costs over the past decade, after royals were instructed to opt for scheduled flights over private jets.
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