Queen to get a 5% pay rise: Monarch's income to hit almost £38 million next year after Crown Estate profits soar

The Queen is to receive a five per cent pay rise in income next year, it emerged today.
It will take the monarch's income to almost £38million, the second year running that funding from the taxpayer has gone up.
The extra money comes after the Crown Estate posted record profits, of which the Queen gets a share.

Pay rise: The Queen, pictured yesterday with the Grenadier in the gardens of Buckingham Palace, is to receive a five per cent rise in income

Deal: Under new rules agreed by George Osborne, the Queen receives 15 per cent of Crown Estate profits

Under a new funding deal agreed by George Osborne in 2010, the Queen's income is directly linked to the money the Crown Estate makes each year.
The Civil List and grants for travel, PR and maintenance on royal palaces were replaced with a new single payment.
The Crown Estate, which owns and runs land and property on behalf of the monarch, saw profits rise from £240million to £252.6million in 2012-13.
Under the new rules the Queen receives 15 per cent of the gains, securing a Sovereign Grant of £37.9million in April 2014, up from £36.1million this year.
The revelation comes ahead of the publication today of the Queen's latest financial accounts.

Funding: The Sovereign Grant covers the Queen's travel, PR, and living costs, and the upkeep of the country's crumbling palaces

They will set out details of spending in the 2012-13 financial year - one of the Queen's busiest and most high profile in recent times.
She celebrated her Diamond Jubilee in June, before playing a key role in the London Olympics - including appearing in a film at the Opening Ceremony where she appeared to parachute
The accounts for 2011-12 revealed the Queen's official expenditure increased by £200,000 from £32.1 million to £32.3 million.
The taxpayer funds used to pay for official air and rail travel at home and abroad for members of the Royal Family increased by £100,000 from £6 million to £6.1 million.

Smiles: The latest financial accounts from Buckingham Palace cover 2012-13, which included the celebrations for the Queen's Diamond Jubilee when she watched a flotilla of a 1,000 boats on the Thames

Stunt: The Queen played a central role in the opening ceremony of the London Olympics, starring in a film with James Bond actor Daniel Craig (left) before appearing to parachute into the Olympic Stadium (right)

The accounts for the Prince of Wales and Duchess of Cornwall will be published tomorrow.
Figures released last year revealed Charles' funding from the taxpayer increased by 11 per cent during the 2011-12 financial year from from £1,962,000 to £2,194,000.
He also saw his private funding from the Duchy of Cornwall - the landed estate given to the heir to the throne to provide him or her with an income - go up by 3 per cent to £18.3 million.
The figures covered the Duchess of Cambridge's first full year as a royal but her cost to the taxpayer and to the Prince - who funds much of her public work and official clothes - was described as 'fairly marginal' compared with the overall total by a royal aide.