Ben Squires
Money & Banking

The Royal Family is about to get a pay rise

A committee of English MPs have approved an increase to the Crown Estate income of around 10 per cent, which will provide a pay hike for the Royal Family.

The pay rise will mean the Queen, who currently receives 15 per cent of the Crown Estate income which works out to be $68 million (£43m), will be now receiving 25 per cent, which works out to be somewhere in the region of $123 million (£76m).

The money is going to a good cause however, expected to fund an urgent $583 million (£360m) renovation of Buckingham Palace, which has fallen into disrepair.

Of the committee, only two MPs spoke out against the increase, with Scottish National Party MP Tony Sheppard likening it to doubling pay for politicians.

He later clarified his position however, noting, "It is not a suggestion that Buckingham Palace is not a public asset of historic importance that deserved to be preserved.”

Do you agree with the pay rise? Or are they already getting enough to begin with?

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finance, queen, royal family, Money & Banking