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

Adam Forrest @adamtomforrest 1 day ago 18 comments

Boris Johnson’s government has confirmed it will top up the Queen’s income following a significant slump in the 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 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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[Tony Gosling]

Hi all,

Sorry for all the obvious confusion for Alison etc
But glorious Greenet (remember them?) have JUST managed to get our new archived list working.

As you may know Yahoo stopped archiving our Diggers messages at the end of last year
https://www.theverge.com/2019/10/16/20917710/yahoo-groups-deleting-all-content-upload-message-boards-email-communities
We managed to prize them out of evil verizon, preserve then process that archive database, amazingly
and after lots of time and effort behind the scenes both list and archives seem to be working as of Saturday

The new address to post to the new list is digge...@gn.apc.org. so please make a note of that

the new archive is here which I want to be public so internet lurkers will find us - still working on that
https://mailman.gn.apc.org/mailman/private/diggers350/

and list info is here
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Once we're all sure its working I'll turn off and archive the old google and yahoo lists to avoid further confusion

Amazingly these gn archived messages go right back to the 1999 occupation of St George's Hill
= which we're gonna do again next spring despite the residents association threatening/promising us we never would back in 1999

Sorry for all the probs while we were silently beavering away, not assuming we'd ever get there !!

Ta

TG
07786 952037


At 19:52 28/09/2020, 'Ian' ian.st...@freedomnetwork.org.uk [Diggers350] wrote:

 

Yes, I've just been looking and Tony has created a tangle by posting from one list into an
other. If like me, you have been on this list a long time, you will be subscribed to the list
digge...@yahoogroups.com, not digge...@gn.apc.org, so that is the list you must
unsubscribe from.

Ian

On 27 Sep 2020 at 14:21, Alison Banville via Diggers35 wrote:

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 <to...@cultureshop.org.uk>

wrote:

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-ro
yal-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

Adam Forrest@adamtomforrest 1 day ago 18 comments

Boris Johnson´s government has confirmed it will top up the Queen´s income following a
significant slump in the 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 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.

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Posted by: "Ian" <ian.st...@freedomnetwork.org.uk>

---

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