UK queen set for income boost after record profits

LONDON (AP) - Buckingham Palace accounts show Queen Elizabeth II will receive a 5 percent income boost following record portfolio profits.

Crown Estate profits revealed Thursday that the royal portfolio, including much of London's Regent Street, made 253 million pounds in (S$499 million) in the last financial year, a 5.2 per cent annual increase.

The queen receives 15 per cent of Crown Estate profits through a grant supplied by the British government that funds the monarch's spending as head of state.

Keeper of the Privy Purse Alan Reid wrote that a significant part of the Sovereign Grant increase will be used on maintenance at royal palaces, which has lagged in recent years.