Even Britain's reigning monarch is affected by economic downturn as new law passes. Queen Elizabeth II faces a freeze on her income through at least 2015 thanks to funding cuts for the royal household resulting from a recently passed law. Her income has already dropped in real terms since 2009 as she has joined the millions of others affected by the economic downturn.
The funding for the royal family has traditionally come from the civil list, a public fund controlled by the British Parliament. However, a law passed six weeks ago will replace the civil list with a single fund, the sovereign grant, in April 2013.
With no extra tax funds to pay for the court of the Duke and Duchess of Cambridge, Will and Kate’s staff will be subsidized by the Prince of Wales, according to a report in The Sunday Times. The Prince of Wales’ income derives from the Duchy of Cornwall, which also is responsible for financially supporting Prince Harry and any future wife and children. The Duchy of Cornwall reportedly made 17.8 million last year, and although it will be paying for Will and Kate’s staff, structural repairs to Kensington Palace will still be taxpayer-funded.
That most likely means a paycut for the Queen at least through April 2015. In 2010-11, the royal household had an income of 32.1 million, a far cry from the 77.3 million in taxpayer funding that the Queen once enjoyed back in 1991-92.
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