British Queen loses 75 mn pounds due to economic recession

LONDON: The global economic slowdown has not spared British Queen Elizabeth II as the value of her private estate fell by ��75 million in 2008-09 due to a crash in property and investment markets.

The Queen lost almost ��75 million as her estate���s value went down to ��322 million. However, the income the Monarchy received from the Duchy, which is used to fund her public and private activities, increased by 5.4% from ��12.6 million to ��13.3 million.

���We have suffered a substantial fall in the capital value of our assets during the year, principally in the commercial property and financial investment portfolios, Lord Shuttleworth, chairman of the Duchy���s council, said in a statement on Thursday.

���Against that, we have achieved an increase in the net surplus, delivering ��13.3 million to the Keeper of the Privy Purse.
���In the year ahead, it will be hard to maintain, let alone grow, the income, with slow take up for empty commercial space, and a heightened risk of tenant business failure,��� the statement said.

The Privy Purse is the name given to income from the Duchy of Lancaster which invests its funds in four sectors: agriculture, residential, commercial and financial portfolios.