ELIZABETH II IS set to get a bumper pay rise as austerity bites the rest of Britain.

The Queen’s pay will rise by 16 per cent next year to £36m after her property holdings, the Crown Estate, posted a record profit of £240.2m today.

Under a deal hammered out with the British government last year, the Queen receives 15 per cent of the profits generated by the estate.

The increase will see the monarch’s pay rise to its highest since 2008. However, it is still half of what she received in 1991, when she was paid £77.3m.

“It has been another tremendous year for The Crown Estate,” said Alison Nimmo, Chief Executive of the Crown Estate.

Our super prime portfolio and active asset management have been the cornerstones of this strong financial performance and resilience during recent market volatility.

The estate consists of a range of properties, including prime real estate in central London, Ascot Racecourse and virtually all of Britain’s seabed.

The value of Marine Estate, which include’s most of Britain’s coast line, accounted for the biggest boost in profits. Profit there climbed by 17 per cent and its value by 23.4 per cent as wind farms continue to expand around the UK’s coastline.

The Queen has been paid by British taxpayers through an allowance set by Parliament since 1760, when King George III ceded all property rights to the treasury.

After the formation of the Irish Free State in 1921, all revenues that the crown estate made in Ireland were handed over to the new government in Dublin.