The nationwide lockdown and the COVID-19 pandemic are now taking its toll on the monarchy, posing an £18-million hole in Queen Elizabeth II's finances. Due to the closure of royal palaces for several months, the income that the realm is about to get from millions of tourists is now gone.
The email the Lord Chamberlain Earl Peel, head of the Royal Household, sent to the staff revealed there would be a £17.8-million shortfall in the monarchy's earnings. It is a third of the annual income that will significantly affect its budget. Also, aides have torn up Queen Elizabeth's diary for the next two years over COVID-19.
However, according to The Sun, they will put Her Majesty's diary of engagements under review until 2020. By that time, she will be 96.
A source revealed they could not make any plans yet as what would happen next remains to be seen. They also could not deny that the virus has had a catastrophic effect.
Earl Peel explained the situation to the employees, who now experience a pay freeze and job cuts. He said the global health crisis had a significant impact on the Royal Household's activities.
Although the United Kingdom seems to be over the peak of the infection, it remains to be seen when the government-imposed measures, like social distancing, will come to an end. It may continue for several weeks more or months before everyone can return to business as usual. Hence, there may be hard times coming, and the staffers may be affected.
Although Queen Elizabeth is known for being one of the wealthiest people in the U.K., she is also affected by the COVID-19 pandemic. Express noted that the Sunday Times Rich List estimated the Queen to be worth £350 million, £20 million short from last year.
Queen Elizabeth has three sources of income. The Sovereign Grant, replaced by the Civil Lis in 2012, accounts the 15 percent of the Crown Estate revenue's profits. This covers the royal family's travels, communications, and maintenance of the royal residences.
She also receives cash from the Privy Purse, which income comes from the Duchy of Lancaster. Its profits come from its land and a lot of assets that cover her and the royal family's personal expenses.
Lastly, Queen Elizabeth has her own personal wealth and income that come from her private properties and personal investments. This excludes her the Crown Jewels, official royal homes, and the Royal Collection, which she can never sell.
