Privy Purse
ThePrivy Purseis theBritish sovereign's private income, mostly from theDuchy of Lancaster.This amounted to £20.1 million in net income for the year to 31 March 2018.
Overview
[edit]The Duchy is a landed estate of approximately 46,000 acres (200 square kilometres) held in trust for the sovereign since 1399. It also has 190 miles (310 kilometres) offoreshore.The Duchy was valued at approximately £533 million in 2018.[1]The land is organised into the Lancashire Survey, the Yorkshire Survey, the Crewe Survey, the Needwood Estate and the South Survey.
The sovereign is not entitled to the Duchy's capital, but the net revenues of the Duchy are the property of the sovereign in right of theDuchy of Lancaster.While the income is private, the King uses the larger part of it to meet official expenses incurred by other members of theBritish royal family.Only theKingreceives payments from Parliament that are not reimbursed by the King.
Administrators
[edit]Chancellor of the Duchy of Lancaster
[edit]TheChancellor of the Duchy of Lancaster,who is the equivalent of the chairman of the trustees, has for the past several centuries always been a Government minister, although this is not a requirement.[2][3][4][5][6][7]
Keeper of the Privy Purse
[edit]TheKeeper of the Privy Purselooks after the sovereign's personal financial affairs. His title is derived from the Privy Purse (an embroidered bag borne by the Keeper at a coronation) which contrasts with his Department's present-day use of computers and up-to-date accounting procedures. He manages the revenues which come from the Duchy of Lancaster. The Privy Purse meets both official expenditure incurred by The King as sovereign and private expenditure.
Treasurer to the King
[edit]In recent years, the office of Keeper has been held jointly with that ofTreasurer to the King,who is responsible for the use of theCivil List,funds used to meet official expenditure relating to the King's duties asHead of State.He also oversees thegrant-in-aidfrom theRoyal Householdfor the maintenance of theoccupied Royal Palacesand for royal travel. He is also responsible for the property maintenance of the Occupied Royal Palaces (such asBuckingham PalaceandSt James's Palace) and their gardens, for the financial aspects of royal travel, for personnel matters in the Royal Household, for the King's private estates (which includeBalmoral CastleandSandringham House) and for the commercial activities of theRoyal CollectionTrust (for which annual accounts are published).
History
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In the past,Great Britain's civil government day-to-day costs were paid for by the sovereign under normal circumstances, the monies in thisPublic Pursebeing raised from the income of theCrown Estatelands and holdings. Under extraordinary circumstances, namely in time of war or during budget shortfalls,Parliamentraised additional monies throughtaxation.The system was to a large degree self-funding through the Crown's large holdings, taxes being applied only when necessary, and almost always at the risk of public outcry. Taxes were normally very low, and the necessity to go to Parliament to fund wars was an effective check on the monarch's power.
As the role of the government increased in the 18th century, the Public Purse was increasingly unable to raise enough to fund the development of the country. In 1760 whenGeorge IIIcame to the throne, it was decided that the whole cost of civil government should be provided by Parliament, with the Crown surrendering most of the hereditary revenues (principally the net surplus of the Crown Estate) by the king for the duration of the reign.[citation needed]In this system, Parliament was responsible for the finances of the state, including paying the Crown theCivil Listallowance to meet the sovereign's official expenses. In the fiscal year 2007/2008, the Crown Estate paid theTreasury£211.0 million in return for £7.9 million in Civil List payments to the Queen.
In 2012, the Civil List was replaced by theSovereign Grant,through theSovereign Grant Act 2011.
See also
[edit]References
[edit]- ^Duchy of Lancaster Annual Report 2018;archived 2009-09-02on theInternet Archive.
- ^House of Commons Disqualification Act 1975 c. 24,Schedule 2
- ^Chancellor of the Duchy of Lancaster - Glossary page - UK ParliamentArchived2010-11-06 at theWayback Machine.Parliament.uk (21 April 2010). Retrieved 30 September 2011.
- ^FAQs,duchyoflancaster.co.uk.Archived 2009-09-01on theInternet Archive.
- ^The Government, Prime Minister and Cabinet: Directgov - Government, citizens and rightsArchived2011-07-21 at theWayback Machine.Direct.gov.uk. Retrieved on 30 September 2011.
- ^Full list of Cabinet members,Friday 5 June 2009, number10.gov.uk,archived 2009-06-08on theInternet Archive.
- ^"His Majesty's Government".19 May 2010. Archived fromthe originalon 17 May 2010.Retrieved18 April2011.