The corona pandemic has also left its financial mark on the Royal Family. Last year the family spent £102.4million.
Rising prices are causing financial worries among citizens almost everywhere. Who would probably be the least thought of in this context is the British Royal Family. But the Queen was also hit by the consequences of the corona pandemic.
Royals in financial trouble after the pandemic
Their current annual report, quoted by the “Daily Mail”, shows that savings will have to be made in the future. Queen Elizabeth II’s Treasurer, Sir Michael Stevens, recognized a “certain return to normality” in the past financial year, but still called the time a “difficult” one. After lockdowns and quarantines, trips and events have taken place again, but the expenses are simply too high.
They would have totaled £102.4 million in the last financial year, an increase of 17 percent. Most of it was renovation work at Buckingham Palace.
It is important to mention, however, that the sovereign grant, i.e. the collected tax money that is for the royal family, was not increased. It amounts to £86.3 million. The royal family took almost ten million pounds themselves, which means residual costs of 14.6 million. The problem: The Queen and Co. had to go to their reserves.
The family has to save
Stevens explained that the family – like many people – also suffered financially from the corona pandemic. Because there were no visit payments, a major factor in royal finances.
“Given that the Sovereign Grant is likely to be flat for the next few years, inflationary pressures on operating expenses and our ability to generate additional revenue are likely to be constrained in the short-term, we will continue to deliver on our plans and experience this impact through our own efforts and manage efficiencies,” Stevens said.
So the Queen also has to tighten her belt. Although that’s probably a little easier in a palace than anywhere else.
Source used: “Daily Mail”