Queen Elizabeth II suffers from massive financial loss due to COVID-19

Queen Elizabeth II

Queen Elizabeth II currently experiences finance turbulence after the coronavirus pandemic left her bank accounts crippled.

Queen Elizabeth II and her finance staff feel more problematic than ever while trying to find ways to earn millions.

Due to the cost of COVID-19, the royal family’s staff expect that Her Majesty’s finances will reach its lowest point in the next three years.

Sir Michael Stevens, Keeper of the Privy Purse, created the forecast of the said shortfall during the Buckingham Palace briefing.

On Thursday, he revealed that the monarchy’s earnings from visitors and special events will be $25 million loss. This prediction includes Queen Elizabeth II’s projected finances in the next few years.

“If we look at our core Sovereign Grant and the income that we generate to supplement the Sovereign Grant, both of which support the official duties of The Queen, we are expecting a significant reduction in income from the Royal Collection Trust due to the impact Covid-19 has had on their visitor numbers,” Mr. Stevens warned.

His statement came after the Palace released the latest report of the royal finances.

What Happened to the Sovereign Grant

The royal finances comprise of the funds the royal family receives to cover the expenses of the monarchy. It includes Queen’s official duties expenses, royal family needs, and royal residence maintenance.

They based the finances on the 15 percent of the Crown Estate income, which is $63 million to be exact.

However, in 2017, they approved 25 percent of that surplus to pay the decade program of repairs and modernizations. After estimations, it will cost around $470 million.

Queen Elizabeth II, Crown Estate Affected by the Pandemic

Since the Crown Estate only got a lower-than-expected income this year, it will affect the scheduled program of refurbishments of the monarchy.

Furthermore, there will be a reduction in some activities to lessen the royal family’s cost. That way, they can offset some of the shortfalls.

“We are instructing our teams to look at ways they can be more efficient in supporting the royal family in delivering their programs,” a senior royal staff said.

Unfortunately, they also put recruitment freeze and a pay freeze up in the air.

If the royal family follows the suggested changes on their schedule, the senior royal source believes that it could make a significant impact on the plummeting numbers.

“There is progress there, but we are not at parity yet,” a senior source added.

Featured image courtesy of Titanic Belfast/Wikimedia Commons

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