[Diggers350] Queen to receive government ‘bailout’ to top up income after Crown Estate hit by economic slump

[Tony Gosling]

Queen to receive government ‘bailout’ to top up 
income after Crown Estate hit by economic slump

https://www.independent.co.uk/news/uk/politics/queen-bailout-coronavirus-sovereign-grant-royal-family-b572508.html


‘This royal bailout will be tough to stomach for 
people who love the Queen but have lost their jobs,’ says Tax Justice UK

<https://www.independent.co.uk/author/adam-forrest>Adam 
Forrest<https://twitter.com/adamtomforrest>@adamtomforrest 
1 day ago 
<https://www.independent.co.uk/news/uk/politics/queen-bailout-coronavirus-sovereign-grant-royal-family-b572508.html#comments>18 
comments

<https://www.independent.co.uk/topic/boris-johnson>Boris 
Johnson’s government has confirmed it will top up 
the 
<https://www.independent.co.uk/topic/queen-0>Queen’s 
income following a significant slump in the 
<https://www.independent.co.uk/topic/crown-estate>Crown 
Estate’s revenue during the coronavirus crisis.

The royal family takes in rental receipts from 
shops in London’s Regent Street, alongside malls 
and retail parks around the country – but the 
value of its portfolio has fallen by more than £500m since the pandemic hit.

The 
<https://www.independent.co.uk/topic/treasury>Treasury 
said it would provide the estate with extra money 
to meet any shortfall in profits and make sure 
the Queen’s sovereign grant remains at its current level.

“In the event of a reduction in the Crown 
Estate’s profits, the sovereign grant is set at 
the same level as the previous year,” a spokesperson said told The Independent.

“The revenue from the Crown Estate helps pay for 
our vital public services – over the last 10 
years it has returned a total of £2.8bn to the 
Exchequer. The sovereign grant funds the official 
business of the monarchy, and does not provide a 
private income to any member of the royal family.”

More details on the next sovereign grant are 
expected to be set out on Friday – but 
legislation governing the formula prevents the 
overall amount given to the Queen from ever being allowed to fall.

Graham Smith, of the anti-monarchy campaign group 
Republic, described it as a “golden ratchet”, 
adding: “Once the grant goes up it can never come 
down, and the taxpayer loses out.”

Robert Palmer, the head of Tax Justice UK, added: 
“This royal bailout will be tough to stomach for 
people who love the Queen but have lost their 
jobs and businesses during the pandemic.”

Any profits made by the Crown Estate are passed 
to the Treasury which, in turn, hands 25 per cent 
of the profits back to the Queen through the sovereign grant.

However, the Crown Estate announced last week a 
fall in the value of its rental portfolio by £55m 
to £13.4bn – a drop of 1.2 per cent.

An agreement with the Treasury means the estate 
has begun making “staggered” revenue payments to the government.

Dan Labbad, the Crown Estate’s chief executive, 
said: “The current economic and market disruption 
has led us to take the precaution, with the 
agreement of the Treasury, of implementing a 
staged process for the payment of the whole of our net revenue profit.”

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'From South America, where payment must be made 
with subtlety, the Bormann organization has made 
a substantial contribution. It has drawn many of 
the brightest Jewish businessmen into a 
participatory role in the development of many of 
its corporations, and many of these Jews share 
their prosperity most generously with Israel. If 
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with a specially dispensed venture capital fund. 
I spoke with one Jewish businessmen in Hartford, 
Connecticut. He had arrived there quite unknown 
several years before our conversation, but with 
Bormann money as his leverage. Today he is more 
than a millionaire, a quiet leader in the 
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earmarked as always for his venture capital 
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nonsense with which Nazis are described in so much “literature.”

So much emphasis is placed on select Jewish 
participation in Bormann companies that when 
Adolf Eichmann was seized and taken to Tel Aviv 
to stand trial, it produced a shock wave in the 
Jewish and German communities of Buenos Aires. 
Jewish leaders informed the Israeli authorities 
in no uncertain terms that this must never happen 
again because a repetition would permanently 
rupture relations with the Germans of Latin 
America, as well as with the Bormann 
organization, and cut off the flow of Jewish 
money to Israel. It never happened again, and the 
pursuit of Bormann quieted down at the request of 
these Jewish leaders. He is residing in an 
Argentinian safe haven, protected by the most 
efficient German infrastructure in history as 
well as by all those whose prosperity depends on his well-being.'
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