Chancellor of the Exchequer, George Osborne, introduced the Sovereign Grant Bill on Thursday 14 July. The Bill was also considered in Committee of the whole House and received third reading.
Shadow Chancellor of the Exchequer, Ed Balls, responded on behalf of the Opposition.
Watch and read all the proceedings on the Sovereign Grant Bill and the views expressed by MPs on Parliament TV and in Commons Hansard. The Bill will now be considered by the House of Lords.
Summary of the Sovereign Grant Bill
The Bill makes changes to the way in which the monarchy is funded. It replaces the Civil List and other grants that support the Queen’s official duties with a new Sovereign Grant, based on a percentage of the profits of the Crown Estate.
The new grant is designed to deliver at first a broadly similar level of finance in cash terms to what is available at present. There are mechanisms for adjusting the level in future, and for using any significant surplus as a means to reduce the grant.
The Sovereign Grant is intended to be a typical government grant that will lead to the royal finances being audited by the National Audit Office, and subjected to full parliamentary scrutiny.
Keep up to date with all the proceedings and documents on the Sovereign Grant Bill. Also find out how a Bill becomes an Act of Parliament.
House of Commons Library analysis
The House of Commons Library produce briefing papers to inform MPs of key issues. The Library has published briefing papers on the Sovereign Grant Bill and the Finances of the Monarchy.
The House of Commons debated the finances of the monarchy on 30 June 2011.