Published 11:24 IST, September 25th 2020
Queen Elizabeth's annual monetary expenditure suffers financial hit due to COVID-19
Queen Elizabeth II could incur losses up to core 15 million pounds over the subsequent 3 years, that might slump the taxpayer-funded journeys amid the COVID-19.
On September 24, Britain’s Royal Household said in a statement that the annual financial report of Queen Elizabeth II’s household expenditure warns of a likely financial hit due to the ongoing coronavirus pandemic. Further, the report suggested that the Queen could incur losses up to core 15 million pounds over the subsequent 3 years, that might slump the taxpayer-funded journeys, and Prince Andrew’s golfing. Officers also warned the Royal household of additional expenditure of Prince Harry and Megan paying industrial hire on their UK residence at Windsor Castle.
According to the annual accounting book that calculates the public monetary fund expenditure, The Sovereign Grant report 2020, Keeper of the Privy Purse [The Queen’s Treasurer] revealed that April 2019 to March 2020 report suggests financial “challenges" ahead. Further, the Treasurer said in the local UK media reports that the financial report, due to be released in the month of March was delayed three months later than usual due to the coronavirus pandemic.
"The majority of the year under review took place before the impact of Covid-19 set in, with the Royal Family undertaking a range of significant visits to communities in the UK and overseas," The Sovereign Grant report mentioned.
"Covid-19 has temporarily changed the format of engagements and events, it has not changed the sense of continuity, reassurance and recognition they provide," it added.
Treasurer Sir Michael Stevens was quoted saying by UK’s Town and Country publication that while the report highlighted another busy year, it fails to give accurate scenarios of financial challenges we now face over the next few years brought about by COVID-19. He also indicated that the Royal household was getting lower than anticipated income but it had no intention of asking for extra funding and instead would manage impact via own efforts.
15 percent profit of Crown Estate
The Sovereign Grant is a monetary fund given to the queen by the UK’s Treasury annually that covers the official expenditure of the Royal household. The monetary funds dedicated to the Queen is calculated at 15 percent of the profits of the Crown Estate. According to the local UK reports, in 2019, Queen’s grant had spiked by nearly 25 percent equivalent of the Crown Estate profits for a 10 year period but due to the pandemic, the profits were slashed and it raised concerns about the royals’ investitures.
Updated 11:24 IST, September 25th 2020