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As the role of the government increased in the 18th century, the Public Purse was increasingly unable to raise enough to fund the development of the country. In 1760 when George III came to the throne, it was decided that the whole cost of civil government should be provided by Parliament, with the crown surrendering most of the hereditary revenues (principally the net surplus of the Crown Estate) by the king for the duration of the reign. In this new system Parliament was responsible for the finances of the UK, including paying the crown the Civil List allowance to meet the Sovereign's official expenses. (In 2002- 03 the Crown Estate paid the Treasury £170.8 million in return for an allowance of £7.9 million.)
The Privy Purse is the Sovereign's remaining private income, mostly from the Duchy of Lancaster. This amounted to £7.31 million before tax for the year to 31 March 2001. The Duchy is a landed estate of approximately 19,268 hectares held in trust for the Sovereign since 1399. 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 EdinburghHis Royal Highness The Prince Philip, Duke of Edinburgh (Philip Mountbatten), styled HRH The Duke of Edinburgh (born June 10, 1921), is the consort of Queen Elizabeth II of the United Kingdom of Great Britain and Northern Ireland. Originally a Greek citiz receive payments from Parliament which are not reimbursed by the Queen.
The Chancellor of the Duchy of LancasterThe Chancellor of the Duchy of Lancaster is, in modern times, a sinecure office in the British government. Originally the chief officer of the Duchy of Lancaster, the estate is now run by a deputy, leaving the position of Chancellor available as a Ministe, who is the equivalent of the chairman of the trustees, has in recent years normally been a Government minister, although this is not a requirement.
The Keeper of the Privy Purse looks after the Sovereign's personal financial affairs. His title is derived from the Privy Purse—an embroidered bag borne by the Keeper at a coronation—which contrasts with his Department's present-day use of computers and up-to-date accounting procedures. He manages the revenues which come from the Duchy of Lancaster. The Privy Purse meets both official expenditure incurred by The Queen as Sovereign and private expenditure.
As Treasurer to the Queen, the Keeper also oversees the management of the Civil List, which is money paid from public funds to meet official expenditure relating to the Queen's duties as Head of State. He also oversees the Grants-in-Aid from Government Departments for the maintenance of the Occupied Royal Palaces and for Royal travel.
He is also responsible for the property maintenance of the Occupied Royal Palaces (such as Buckingham PalaceBuckingham Palace is the official London residence of the British monarch. Buckingham Palace or The Palace is also used to refer to the source of press statements coming from the British Royal Family. History Originally Buckingham House, it was built for and St James' Palace) and their gardens, for the financial aspects of Royal travel, for personnel matters in the Royal Household, for The Queen's private estates (which include Balmoral CastleQueen Victoria in 1854 during its construction Balmoral Castle is a large mansion built by Queen Victoria in the Scottish baronial style on the River Dee in Aberdeenshire, Scotland, current ( as of 2004) summer residence of Queen Elizabeth II, who stays t and SandringhamSandringham can refer to: The village near Norfolk, United Kingdom Sandringham House in the aforementioned village The Sandringham Time system The suburb of Melbourne, Australia The railway line in Melbourne The railway station in Melbourne at the end of House) and for the commercial activities of the Royal Collection Trust (for which annual accounts are published).
A member of his staff is the Keeper of the Royal Philatelic CollectionThe Royal Philatelic Collection is the postage stamp collection of the British Royal Family. It is the most comprehensive collection of items related to the philately of the United Kingdom and the British Commonwealth, with many unique pieces. Some member, the most comprehensive collection of UK and Commonwealth postage stamps in the world, formed from the private collections of George V and other members of the Royal family.