LONDON — Britain’s royal family is experiencing a financial hit from the coronavirus pandemic, with an estimated $20 million loss of income expected over the next three years, according to the household’s annual financial report published Friday.
A dramatic drop in tourists visiting royal residences and a nationwide lockdown that took effect in March have affected the royals, who have pledged to find savings by tightening purse strings. Already, repair work on Buckingham Palace is expected to fall $25 million short of its $471 million budget over the coming years.
Following the release of the Sovereign Grant report, which details how the royal household spends public money, the treasurer to the queen, Michael Stevens, also known as the keeper of the privy purse, said the monarchy has “no intention of asking for extra funding.”
“We will look to manage the impact through our own efforts and efficiencies,” he said.
Since 2012, the amount of money the queen receives from Britain’s Treasury is calculated at 15 percent of the profits generated by the Crown Estate in the previous two years.
The Sovereign Grant, which is funded by the Treasury, pays for the queen’s expenses, including travel, staffing costs and the upkeep of royal properties. For the 2019-2020 financial year, it totaled roughly $105 million.
Royal commentator Richard Fitzwilliams said Friday that the royal family’s finances are always a controversial topic.
“Buckingham Palace made clear that the covid-19 emergency would mean reduced funding from the Sovereign Grant, but the intention is to fund whatever is required in-house and not from the taxpayer,” he said.
The 94-year-old monarch and her husband, Prince Philip, left London for Windsor Castle in March and have been staying there since.