//The abolition of the Civil List was announced in the spending review statement to the House of Commons on 20 October 2010 by the Chancellor of the Exchequer, George Osborne. In its place, he said, "the Royal Household will receive a new Sovereign Support Grant linked to a portion of the revenue of the Crown Estate". The Crown Estate is a statutory corporation, run on commercial lines by the Crown Estate Commissioners and generates revenue for HM Treasury every year (an income surplus of £210.7 million for the year ended 31 March 2010). This income is received by the Crown and given to the state as a result of the agreement reached in 1760 that has been renewed at the beginning of each subsequent reign. The Sovereign Grant Act 2011 received Royal Assent on 18 October 2011. Under this Act, the Sovereign Grant now funds all of the official expenditure of the monarchy, not just the expenditure previously borne by the Civil List.//