He said: By the late 1960s the monarchy was running into the red. The Civil List, voted at the beginning of the Queen’s reign, was no longer sufficient to cover the costs of running the public affairs of the monarchy. The Civil List Act of 1972 sought to rectify these circumstances through increasing monies given, and facilitating future reviews of the situation.
Queen Elizabeth II in the House of Lords in 1970 (Image: GETTY)
Given the circumstances, Mr MacMarthanne claims that revealing the Queen s personal wealth at that time risked causing public outrage.
He said: At a time of increasing economic and political uncertainty, and having claimed poverty for the institution, it would be most unfortunate for the investments held by the Queen to become known, and through which her private wealth ascertained making clear the extent of her exceptional wealth.