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Queen of Britain gets 5 percent raise

June 27, 2013 at 8:40 AM

LONDON, June 27 (UPI) -- Britain's Queen Elizabeth will get a 5 percent raise in her income based on an increase in profits of the Crown Estate, officials said.

The queen's income will increase to $55.9 million in 2014, up from $55.2 million, the BBC reported Wednesday.

The Crown Estate, from which the queen is paid, saw an increase in its profits of 5 percent to $386 million, the estate said. Some of the profits will also go to the Treasury to aid the nation's finances.

The value of the Crown Estate is $123.8 billion, and while it is owned by the Crown, it is not the private property of the queen, the BBC reported.

"[Thursday's] results are a ringing endorsement of the quality of our portfolio, our active asset management and our highly skilled team," said Alison Nimmo, chief executive of the Crown Estate.

"Despite challenging market conditions, we are well placed as a business with a clear vision and investment strategy, great partners and a strong balance sheet," she added.

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