Queen Elizabeth's annual monetary expenditure suffers financial hit due to COVID-19

On September 24, Britain’s Royal Household said in a statement that annual financial report of Queen Elizabeth II’s household expenditure warns of a likely financial hit due to ongoing coronavirus pandemic. Furr, report suggested that Queen could incur losses up to core 15 million pounds over subsequent 3 years, that might slump taxpayer-funded journeys, and Prince Andrew’s golfing. Officers also warned Royal household of ditional expenditure of Prince Harry and Megan paying industrial hire on ir UK residence at Windsor Castle. 

According to annual accounting book that calculates public monetary fund expenditure, Sovereign Grant report 2020, Keeper of Privy Purse [ Queen’s Treasurer] revealed that April 2019 to March 2020 report suggests financial “challenges" ahe. Furr, Treasurer said in local UK media reports that financial report, due to be released in month of March was delayed three months later than usual due to coronavirus pandemic.

" majority of year under review took place before impact of Covid-19 set in, with Royal Family undertaking a range of significant visits to communities in UK and overseas,"  Sovereign Grant report mentioned. 

"Covid-19 has temporarily changed format of engments and events, it has t changed sense of continuity, reassurance and recognition y provide," it ded.

 

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Treasurer Sir Michael Stevens was quoted saying by UK’s Town and Country publication that while report highlighted ar busy year, it fails to give accurate scenarios of financial challenges we w face over next few years brought about by COVID-19. He also indicated that Royal household was getting lower than anticipated income but it h intention of asking for extra funding and inste would man impact via own efforts.

15 percent profit of Crown Estate

Sovereign Grant is a monetary fund given to queen by UK’s Treasury annually that covers official expenditure of Royal household. monetary funds dedicated to Queen is calculated at 15 percent of profits of Crown Estate. According to local UK reports, in 2019, Queen’s grant h spiked by nearly 25 percent equivalent of Crown Estate profits for a 10 year period but due to pandemic, profits were slashed and it raised concerns about royals’ investitures. 

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