Financial reports 2007-08

The Treasury contributed the equivalent of 66 pence per person in the country - less than the price of two pints of milk or a download to an ipod - to enable The Queen to carry out the duties of Head of State, Buckingham Palace announced today at the publication of its annual report of royal finances.

The Royal Public Finances annual report, which includes details of public expenditure on property and travel, states that Head of State expenditure for 2007-08 at £40.0 million (including VAT of £2.6 million) has increased by 2.0% in real terms. Over the past seven years it has decreased in real terms by 3.1%.

Sir Alan Reid, Keeper of the Privy Purse, said:

'The money provided by the taxpayer to enable The Queen to fulfil her role as Head of State, is equivalent to 66 pence per person in the country. This is the annual cost, not the daily, weekly or monthly cost and is 3.1% lower in real terms than it was in 2001.

'The reduction in the amount of Head of State expenditure in real terms reflects the continuous attention the Royal Household pays to obtaining the best value for money in all areas of expenditure.

'Increased expenditure on Property Maintenance in 2007-08 was made possible by deferring projects in the previous year - not as a result of increased funding.

'Expenditure on Royal Travel, which will vary from year to year, also increased in response to the number of overseas visits undertaken at the request of the Foreign and Commonwealth Office and UK Trade & Investment.

'During the current year, the Department for Culture Media and Sport confirmed that the Grant-in-aid for the maintenance of the Palaces would remain at £15million per annum for at least the next three years.

'With no increase in funding for 12 years the backlog in essential maintenance projects has continued to grow. In the absence of any increase in funding the backlog of works is estimated at £32 million in today's money.

'This backlog relates to essential maintenance and does not include any allowance for projects such as the re-decoration of the State Rooms at Buckingham Palace, most of which were last re-decorated before The Queen's Reign,' he added.

summary_of_expenditure_2007-08_1.pdf (188.92 KB)

introduction_to_head_of_state_expenditure_2007-08_1.pdf (569.63 KB)

civil_list_expenditure_2007.pdf (482.85 KB)

property_services_grant-in-aid_2007-08.pdf (800.7 KB)

royal_travel_grant-in-aid_2007-08.pdf (662.5 KB)