Queen Elizabeth ll and the Royal family are facing an estimated £45 million hit to future finances due to the impact of the coronavirus pandemic.
On Friday, the Royal family’s 2019-2020 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 came 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.
Stevens said a lack of income from visitors to royal buildings was likely to bring a general funding shortfall of 15 million pounds ($19 million) over three 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,” Stevens said. “This forms the bulk of a projected shortfall in income, which we estimate will be around £5 million per year for the next three years.”