Sat 26 September 2020:
The monarchy cost British taxpayers 69.4 million pounds ($88.2m) in the year to the end of March, an increase of 2.4 million pounds ($3.1m) on the previous financial year
Queen Elizabeth II and the royal family are facing an estimated $45 million dollar hit due to the impact of the coronavirus pandemic.
On Friday, the royal family’s 2019-20 financial report was released by royal treasurer Sir Michael Stevens, also known as the Keeper of the Privy Purse. While a majority of the expenditures included in it come from before the global health crisis surged around the globe, he did explain how the pandemic will leave a lasting effect on the British royal family’s income.
Michael Stevens said a lack of income from visitors to royal buildings was likely to bring a general funding shortfall of 15 million pounds ($19m) over three years.
He said the impact of the pandemic is also likely to cause a 20 million-pound ($25.4m) shortfall in a 10-year, 369 million-pound ($469m) programme to replace antiquated heating, plumbing and wiring at Buckingham Palace, the queen’s London home.
Officials have said the palace’s ageing infrastructure, which had its last significant upgrade after World War II, is at risk of a catastrophic failure if it is not replaced.
Stevens said the royal household would not ask for more government money but would “look to manage the impact through our own efforts and efficiencies”.
Buckingham Palace has already introduced a staff pay freeze and a halt to hiring.
The accounts show that the monarchy cost British taxpayers 69.4 million pounds ($88.2m) in the year to the end of March, an increase of 2.4 million pounds ($3.1m) on the previous financial year.