Queen Elizabeth II’s monetary woes are going via the roof because the coronavirus pandemic continues to tighten the noose across the monarchy’s coffers.
The annual report of Her Majesty’s expenditure rocked the British royal household as they face a serious problem when it comes to their funds.
Discussing the scenario, Royally Obsessed podcast hosts, Roberta Fiorito and Rachel Bowie revealed how the household is falling quick on money.
Bowie mentioned: “We heard about Queen Elizabeth’s funds, the report was launched just lately. They have a serious shortfall of their funds.”
“Two sources, Harper’s Bazaar and People Magazine, report that they are quick between £25 and £40 million. It’s because of the discount in revenue from the Royal Collection Trust, which is because of the impression of COVID-19. Basically that interprets to: there’s been no tourism,” she went on to say.
“With no tourism, no person’s been paying entrance charges they usually’re not donating to go see all the Crown Jewels and so forth. Usually the Royal Collection Trust cash feeds into the sovereign grant which pays the royals to hold out official duties. It additionally funds upkeep of occupied royal residences,” she continued.
“The wild factor is that the sovereign grant cannot go down from earlier years. So the royals will nonetheless obtain the identical amount of cash subsequent yr, however they simply will not get all of the Royal Collection Trust cash,” she went on to say.
Fiorito chimed in, saying: “A whole lot of it has to do with Buckingham Palace refurbishments, which have price them nearly half a billion.”
“It’s going to take seven extra years in order that they actually need to search out these financial savings elsewhere. They’ve already instituted a recruitment freeze so they are not hiring anybody else, and a pay freeze,” she added.
“But they have not achieved any furloughs in order that they’re making an attempt to maintain everybody on employees. But there isn’t any raises and no new hires so I count on ticket costs will go up. There’ll in all probability be much more industrial flights since numerous the journey funds have gone within the information just lately,” she mentioned.