THOUGH she is apparently £1 million richer in a year, even Her Majesty the Queen is having to look ahead and worry about Brexit’s effect on her income.
The Duchy of Lancaster’s annual report showed that in the last 12 months, its net surplus – profit by another name – increased by 4.9% to £20.2m and the Duchy’s overall asset value increased by 2.9% to £533.8m.
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The report referred to Brexit under the heading “strategic risk”, saying a review would “assess options for continued and ongoing viability of duchy operations – this would include any outcomes from Brexit negotiations.”
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Tom Brake MP, Liberal Democrat Brexit spokesman, said: “When even the Queen’s estate are having to assess the risks associated with Brexit, you know it is time to call time on this folly. The people must have the final say on the deal and a chance to exit from Brexit.”
The Duchy of Lancaster is a portfolio of land and assets dating from 1399 that provides the monarch with a source of income that is independent of the Government and the public purse. The Duchy is self-financing and does not receive any public funds.
It is totally unrelated to the Crown Estate which was at the centre of controversy when The National revealed last month that it had sold off its share of Ford Kinnaird Retail Park in Edinburgh for £170m without a penny accruing to Scotland.
Nathan Thompson, chief executive and clerk of the Duchy Council, said: “This has been another positive year for the Duchy with strong growth in almost all of our business sectors. The continued push on restoration and a more focussed in-house approach to the management of our surveys has served us well this year and contributed significantly to further improving tenant relations, reducing voids and increasing efficiency.”
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