London, June 29 (RHC)-- Queen Elizabeth II is set to receive 42.8 million pounds from the Treasury in the 2016-2017 financial year. The amount is nearly £12 million more than the Queen received in 2012. In the meantime, the British taxpayers will pay an extra £2.7 million to fund the royal family.

According to the Sunday Times Rich List 2015, Queen Elizabeth’s estimated wealth is £340m, up £10m from the previous year. Critics say funding of the Royal family has already been running out of control as many Britons reel from tough austerity measures implemented by the government. Earlier, it was announced that refurbishing Queen’s palace could cost the British taxpayers nearly 150 million pounds.

Meanwhile, it has been revealed that members of the Royal Family spent £5.1 million on travel last year, 14% up from the previous year. Critics, Republican groups in particular, argue that it is time to apply a different approach towards the royal family and the contributions made by British taxpayers. They say the whole funding system of the Royal Family should be changed.

The Royal Family’s expenditures have come under further scrutiny as Britons go through a time of austerity and harsh spending cuts which mainly target the vulnerable people of the society.