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British Queen loses 75 mn pounds due to economic recession

British Queen loses 75 mn pounds due to economic recession
PTI
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First Published: Thu, Jul 23 2009. 02 41 PM IST
Updated: Thu, Jul 23 2009. 02 41 PM IST
London: The global economic slowdown has not spared British Queen Elizabeth II as the value of her private estate fell by £75 million in 2008-09 due to a crash in property and investment markets.
The Queen lost almost £75 million as her estate’s value went down to £322 million. However, the income the Monarchy received from the Duchy, which is used to fund her public and private activities, increased by 5.4% from £12.6 million to £13.3 million.
“We have suffered a substantial fall in the capital value of our assets during the year, principally in the commercial property and financial investment portfolios, Lord Shuttleworth, chairman of the Duchy’s council, said in a statement on Thursday.
“Against that, we have achieved an increase in the net surplus, delivering £13.3 million to the Keeper of the Privy Purse.
“In the year ahead, it will be hard to maintain, let alone grow, the income, with slow take up for empty commercial space, and a heightened risk of tenant business failure,” the statement said.
The Privy Purse is the name given to income from the Duchy of Lancaster which invests its funds in four sectors: agriculture, residential, commercial and financial portfolios.
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First Published: Thu, Jul 23 2009. 02 41 PM IST
More Topics: UK | Queen | Elizabeth II | Recession | Slowdown |