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June 30, 2021

Even the Queen is taking a pay cut these days

Today is a potpourri of news, economic and otherwise.

Istockphoto_10603416-gold-crown-with-jewels On the money side, we know that Canada’s economy – eh, it’s kind of stalled thanks to lax automobile production. Add to that, Alberta’s teachers are facing massive budget cuts and it’s becoming clear this whole recovery thing is a lot tougher than we initially thought.

But Prince William and Kate Middleton have also touched down in Ottawa, so we feel obliged to find a royal hook to all these financial headlines.

(Searching … searching … here we go … ) Wanna know how bad the economy is? Even the Queen is taking a pay cut.

According to the Globe and Mail, tough times in Britain are forcing its government to retool how Queen Elizabeth will receive her funding.

Under the proposed change, which is still to pass through Parliament, the Queen will take what amounts to a nine per cent cut over the next four years.

Though it’s been in place since 1760, the way the Queen gets funded has gone through some changes over the years.

By 2014-2015, Chancellor of the Exchequer George Osborne said the proposed cuts would limit the Queen to 15 per cent of the annual profits of the Crown Estate, a string of lucrative properties in and around the U.K. The Crown Estate holds urban and rural land in England, Scotland and Ireland.

Of course, “limit” may be a poor choice of words here. By Osborne’s estimation, the Queen will still receive about $54 million each year to perform her royal duties, which we can’t imagine come too close in cost to that figure.

Still, it’s a sign that the economy still isn’t right when the Queen, of all people, has her payouts slashed.

Britain, where almost 2.5 million are unemployed, is trying to reign in a budget deficit of about 10 per cent of the country’s GDP.

By Jason Buckland, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

James HaversJames Havers

James is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo),,, Canadian Business and other publications. Havers turned to journalism after teaching overseas.

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...