Sovereign Grant Bill
The Sovereign Grant Bill concerns the way in which the monarchy is funded. It seeks to replace the Civil List and other grants that support the Queen’s official duties with a new Sovereign Grant, based on a percentage of the profits of the Crown Estate. The new grant is designed to deliver at first a broadly similar level of finance in cash terms to what is available at present. There are mechanisms for adjusting the level in future, and for using any significant surplus as a means to reduce the grant. The Sovereign Grant is intended to be a typical government grant that will lead to the royal finances being audited by the National Audit Office, and subjected to full parliamentary scrutiny.
The Sovereign Grant Bill concerns the way in which the monarchy is funded. It seeks to replace the Civil List and other grants that support the Queen’s official duties with a new Sovereign Grant, based on a percentage of the profits of the Crown Estate. The new grant is designed to deliver at first a broadly similar level of finance in cash terms to what is available at present. There are mechanisms for adjusting the level in future, and for using any significant surplus as a means to reduce the grant. The Sovereign Grant is intended to be a typical government grant that will lead to the royal finances being audited by the National Audit Office, and subjected to full parliamentary scrutiny.
The Bill had its first reading on 30 June 2011, and all of its remaining stages in the Commons are scheduled to take place on 14 July 2011. It is anticipated that it will have a full second reading in the Lords, but that the rest of its stages there will be formal.
The Bill extends to the whole of the United Kingdom.