The Privy Purse is the British Sovereign's private income, mostly from the Duchy of Lancaster. This amounted to £13.3 million in net income for the year to 31 March 2009. The Duchy is a landed estate of approximately 46,000 acres (200 square kilometres) held in trust for the Sovereign since 1399. It also has 190 miles (500 kilometres) of foreshore. The Duchy is valued at approximately £322 million in 2009. The land is organised into the Lancashire Survey, the Yorkshire Survey, the Crewe Survey, the Nedwood Estate and the South Survey. The Sovereign is not entitled to the Duchy's capital, but the net revenues of the Duchy are the property of the Sovereign in right of her Duchy of Lancaster. While the income is private, the Queen uses the larger part of it to meet official expenses incurred by other members of the British Royal Family. Only the Queen and the Duke of Edinburgh receive payments from Parliament that are not reimbursed by the Queen.
Read more about Privy Purse: History
Famous quotes containing the words privy and/or purse:
“Before me you are a slug in the sun. You are privy to a great becoming and you recognize nothing. You are an ant in the afterbirth. It is in your nature to do one thing correctly: tremble.”
—Michael Mann, U.S. screenwriter. Frances Dollarhyde, aka “The Tooth Fairy” (Tom Noonan)
“But the doctrine of the Farm is merely this, that every man ought to stand in primary relations to the work of the world, ought to do it himself, and not to suffer the accident of his having a purse in his pocket, or his having been bred to some dishonorable and injurious craft, to sever him from those duties.”
—Ralph Waldo Emerson (1803–1882)