Queen of England rescued by British government to compensate for devaluation of assets

Boris Johnson's government will even proceed with the financial rescue of the Queen of England's real estate, after it has devalued 590 million euros, as a result of the Covid-19 pandemic.

Hannah McKay / REUTERS

The devaluation of the property of the Queen of England (Crown State) made the Boris Johnson government decide to proceed with a financial bailout, where the objective will be to increase the revenue of her majesty. The Crown State of the Queen of England has devalued £ 500 million (€ 590 million), according to "The Independent".

The royal family receives the proceeds from rental shops on London's Regent Street, alongside shopping centers and retail parks across the country. To ensure that the queen's sovereign grant remains at the same level as in recent years, the UK Treasury will inject extraordinarily money into the grant that the monarch receives annually.

"In the event of a decline in Crown Estate profits, the sovereign subsidy is set at the same level as the previous year," a British Treasury spokesman told The Independent.

“Crown Estate's revenue helps pay for our vital public services - over the past 10 years, the Treasury has received £ 2,8 billion (three billion euros). The sovereign subsidy finances the official business of the monarchy and does not provide a private income to any member of the royal family ”.

Although the legislation prevents the total amount given to the queen from being lowered, more details about the next sovereign concession are expected to be released on Friday, September 25.

The news has provoked negative reactions between the groups against the English monarchy, as for example, the group 'anti-monarchy campaign Republic' that, through its spokesman, Graham Smith, says that the operation is a “golden tourniquet ”Adding that“ Once the concession increases, it can never decrease, and the taxpayer loses

Robert Palmer, head of UK tax justice, joined in the criticism saying that "the royal bailout will be difficult to swallow for people who love the Queen but lost their jobs and businesses during the pandemic".

Any profits made by the Crown Estate are provided to the Treasury, which in turn delivers 25% of the profits back to the Queen through the sovereign concession. However, Crown Estate announced last week a drop in the value of its rental portfolio from £ 55 billion (€ 60,2 billion) to £ 13,4 billion (€ 14,6 billion) euros), down 1,2%.

Dan Labbad, chief executive of Crown Estate, said that "the current economic and market turmoil has led us to take precautions, with the agreement of the Treasury, to implement a phased process for the payment of all of our net income."

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