Value put on Crown Estates falls by 25%
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE VALUE of the Crown Estates has fallen by a quarter, wiping pounds 620m off the pounds 2.4bn valuation put on the estates two years ago, a report to Parliament indicated yesterday.
But the Crown Estates Commissioners said that they had paid pounds 70m into the Exchequer's Consolidated Fund, general government revenues; up from pounds 61m last year, pounds 55m in 1989-90, and pounds 41m in 1988-89.
The commissioners, chaired by the Earl of Mansfield, have a legal duty 'to maintain and enhance' the value of the estate, which last year comprised 250,000 acres (101,000 hectares) of agricultural land and 10,500,000 sq ft (975,000 sq m) of office, retail and industrial property in central London.
However, the report said: 'The valuation of the Crown Estate at 31 March 1992 is pounds 1,772m. This represents a decrease of pounds 313m on the 1991 valuation.'
Last year's open market valuation of pounds 2,085m dropped a further pounds 307m on the 1990 figure. The latest accounts also showed that the market value of gilt-edged securities at the end of March was pounds 68m, up from pounds 54.1m last year.
The Crown Estates' pounds 70m contribution to the Consolidated Fund was laid down under the Civil List Act of 1952 and therefore more than offsets the Civil List payments to members of the Royal Family.
The Crown Estate, Accounts 1991-92. Commons paper 100; HMSO; pounds 3.50.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments