British Queen's wages to rise by 8 pct next year

Royal Ascot 2017- Day 1

We will remind, previous year the Queen's income was estimated at 42.8 million pounds, and in 2012 it stood at 29.1 million pounds.

"When you look at these accounts, the bottom line is the Sovereign Grant past year equated to 65 pence per person, per annum, in the United Kingdom..."

The Sovereign Grant, which pays for the salaries of her household, official travel and upkeep of palaces, is to increase by more than £6m in 2018/19.

Commenting on the Sovereign Grant Report 2016-17, the Keeper of the Privy Purse, Sir Alan Reid, said: "During the year to 31 March 2017, over 3,000 official engagements were undertaken across the United Kingdom and overseas by members of the royal family".

Since 2012, the grant has been fixed at 15% of Crown Estate profit, but this was lifted by the government past year to fund extensive renovations on Buckingham Palace.

Income of Queen Elizabeth II of great Britain has grown nearly twice, to 82 million pounds.

Royal aides supported the cost of the Queen's annual grant saying it cost each person in Britain just 65 pence (0.83 USA cents) a year, the same price as a postage stamp.

Details of the increase were released as Buckingham Palace accounts revealed the royal family past year spent £4.5m on travel.

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The Sovereign Grant is calculated based on profits of the Crown Estate, a portfolio of British property that includes Windsor Castle and St. James Palace, as well as retail property and shopping centres, and tens of thousands of hectares of agricultural land, fishing seabeds and forests across the U.K, says CTV's Daniele Hamamdjian.

Royal aides said Queen Elizabeth II and her family provide "excellent value for money", but anti-monarchy republicans argue the true annual cost of the royals to taxpayers is hundreds of millions of pounds.

The monarchy is expected to receive a financial boost from the taxpayer after the Crown Estate, whose profits fund the Queen's official work, recorded a large jump in income.

The Palace maintains the Royal Family is very cost effective.

The Royal Family have often been criticised for the amount spent on minor royals and travel expenses. "When you consider that against what the queen does and represents for this country, I believe it represents excellent value for money".

"The grant has risen 167% since 2012".

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The most expensive outing was the Duke and Duchess of Cornwall's trip to Italy, Romania, and Austria.