[Diggers350] Queen to receive government ‘bailout’ to top up income after Crown Estate hit by economic slump
alisonbanville at yahoo.co.uk
Sun Sep 27 15:21:58 BST 2020
Lord, I've unsubscribed multiple times, asked Gosling personally to unsubscribe me when the emails kept coming, to which he responded by telling me to click unsubscribe, and I've informed him I'm still getting these damn emails. He really seems to be lacking the basic integrity needed to run an email list.
On Saturday, 26 September 2020, 01:15:15 BST, Tony Gosling <tony at cultureshop.org.uk> wrote:
Queen to receive government ‘bailout’ to top up income after CrownEstate hit by economicslump
‘This royal bailout will be tough to stomach for people wholove the Queen but have lost their jobs,’ says Tax JusticeUK
AdamForrest at adamtomforrest 1 day ago18 comments
BorisJohnson’s government has confirmed it will top up theQueen’s incomefollowing a significant slump in theCrownEstate’s revenue during the coronavirus crisis.
The royal family takes in rental receipts from shops in London’s RegentStreet, alongside malls and retail parks around the country – but thevalue of its portfolio has fallen by more than £500m since the pandemichit.
The Treasurysaid it would provide the estate with extra money to meet any shortfallin profits and make sure the Queen’s sovereign grant remains at itscurrent level.
“In the event of a reduction in the Crown Estate’s profits, the sovereigngrant is set at the same level as the previous year,” a spokesperson saidtold The Independent.
“The revenue from the Crown Estate helps pay for our vital publicservices – over the last 10 years it has returned a total of £2.8bn tothe Exchequer. The sovereign grant funds the official business of themonarchy, and does not provide a private income to any member of theroyal family.”
More details on the next sovereign grant are expected to be set out onFriday – but legislation governing the formula prevents the overallamount given to the Queen from ever being allowed to fall.
Graham Smith, of the anti-monarchy campaign group Republic, described itas a “golden ratchet”, adding: “Once the grant goes up it can never comedown, and the taxpayer loses out.”
Robert Palmer, the head of Tax Justice UK, added: “This royal bailoutwill be tough to stomach for people who love the Queen but have losttheir jobs and businesses during the pandemic.”
Any profits made by the Crown Estate are passed to the Treasury which, inturn, hands 25 per cent of the profits back to the Queen through thesovereign grant.
However, the Crown Estate announced last week a fall in the value of itsrental 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 currenteconomic and market disruption has led us to take the precaution, withthe agreement of the Treasury, of implementing a staged process for thepayment of the whole of our net revenue profit.”
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