Covid-19 slowdown hits the Royals, Queen Elizabeth II faces $45 mn crunch, prepares to trim costs
The accounts show that the monarchy cost British taxpayers 69.4 million pounds.
By PTI |
Getty Images
LONDON: Britain's Queen Elizabeth II and her family are facing a 35 million pound (USD 45 million) hit from the coronavirus pandemic, partly due to a shortage of tourists, the monarch's money-manager said Friday.
Releasing the royal household's annual accounts, Keeper of the Privy Purse Michael Stevens said a lack of income from visitors to royal buildings was likely to bring a general funding shortfall of 15 million pounds (USD 19 million) over three years.
He said the impact of the pandemic is also likely to cause a 20 million-pound (USD 25.4 million) shortfall in a 10-year, 369-million-pound program to replace antiquated heating, plumbing and wiring at Buckingham Palace, the queen's London home.
Officials have said the palace's aging infrastructure, which had its last major upgrade after World War II, is at risk of a catastrophic failure if it's 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 (USD 88.2 million) in the year to the end of March, an increase of 2.4 million (USD 3.1 million) on the previous financial year.
The accounts also show that Prince Harry and his wife, Meghan, paid an undisclosed sum to reimburse the public purse for rent and refurbishment of their Frogmore Cottage home near Windsor Castle. The exact sum will appear in next year's accounts.
The renovation costs alone for the home were 2.4 million pounds (USD 3.1 million.) Harry, 36 and the former Meghan Markle, 39, married at Windsor Castle in May 2018.
The couple announced early this year they were quitting royal duties and moving to North America, citing what they said was the unbearable intrusions and racist attitudes of the British media. They recently bought a house in Santa Barbara, California.
Harry and Meghan signed a lucrative deal this month to produce nature series, documentaries and children's programming for streaming service Netflix.
Queen Elizabeth
When she turned 16, Elizabeth registered with the Labour Exchange – the British employment agency at that time – and was interested in joining the women’s armed forces. While her father King George VI was reluctant, he relented in 1942. Once in the services, she learned how to change a wheel, deconstruct and rebuild engines and drive ambulances and other vehicles. However, unlike the other members of the services, Elizabeth returned to the royal residence, Windsor Castle, each night.
Releasing the royal household's annual accounts, Keeper of the Privy Purse Michael Stevens said a lack of income from visitors to royal buildings was likely to bring a general funding shortfall of 15 million pounds (USD 19 million) over three years.
He said the impact of the pandemic is also likely to cause a 20 million-pound (USD 25.4 million) shortfall in a 10-year, 369-million-pound program to replace antiquated heating, plumbing and wiring at Buckingham Palace, the queen's London home.
Officials have said the palace's aging infrastructure, which had its last major upgrade after World War II, is at risk of a catastrophic failure if it's 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 (USD 88.2 million) in the year to the end of March, an increase of 2.4 million (USD 3.1 million) on the previous financial year.
ADVERTISEMENT
The accounts also show that Prince Harry and his wife, Meghan, paid an undisclosed sum to reimburse the public purse for rent and refurbishment of their Frogmore Cottage home near Windsor Castle. The exact sum will appear in next year's accounts.
The renovation costs alone for the home were 2.4 million pounds (USD 3.1 million.) Harry, 36 and the former Meghan Markle, 39, married at Windsor Castle in May 2018.
The couple announced early this year they were quitting royal duties and moving to North America, citing what they said was the unbearable intrusions and racist attitudes of the British media. They recently bought a house in Santa Barbara, California.
Harry and Meghan signed a lucrative deal this month to produce nature series, documentaries and children's programming for streaming service Netflix.
ADVERTISEMENT
When she turned 16, Elizabeth registered with the Labour Exchange – the British employment agency at that time – and was interested in joining the women’s armed forces. While her father King George VI was reluctant, he relented in 1942. Once in the services, she learned how to change a wheel, deconstruct and rebuild engines and drive ambulances and other vehicles. However, unlike the other members of the services, Elizabeth returned to the royal residence, Windsor Castle, each night.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
ADVERTISEMENT
