About 100,000 British citizens have signed a petition to make Queen Elizabeth pay from her own pocket for renovation of the Buckingham Palace, which is expected to cost 369 million pounds over the next 10 years. The government has agreed to increase the sovereign grant from 15 to 25 per cent to pay for the renovation. Those who signed the petition have assumed that money flowing out of the treasury belongs to them and hence they are incensed. Facts show that they signed the petition because they have a poor understanding of the Queen’s finances. Firstly, the Royal Estate is not owned by the Queen. It is owned by the Monarch. Secondly, the Royal Estate which is estimated to be worth 12.9 billion pounds, has provided the national treasury with nearly 2.4 billion pounds over the last 10 years. This is more than six times the sum required to renovate the palace. Since 1760 all rents and income from the Royal Estate are paid into the national treasury and the government in turn gives the Monarch a sovereign grant, which is 15 per cent of the sum credited. This would mean that is it the government and by extension, the people who are living off the Monarch and not the other way round. When will the 100,000 petitioners realise this?
