Royal Family in Financial Crisis: Taxpayers Targeted
As the coronavirus pandemic takes over the world, it has spared no one. Due to a drop in tourism- the royal family goes into financial crisis.
Ever since the coronavirus pandemic breaks through The United Kingdom, the state was put into immediate lockdown as a preventative measure. This affected tourism and overall spending towards the Royal Family. Queen Elizabeth II and the royal family are in financial crisis and could be facing damage worth millions of pounds.
The monarch’s money manager; Michael Stevens, also known as the keeper of the privy purse has announced that due to the drop in tourism rates and the Buckingham Palace shutting down for tours has put the royal family in financial crisis. He further said that the coronavirus will probably affect the sovereign grant provided to the royals by the government.
Moreover, the royal family before going into the financial crisis had decided to fix long-overdue renovations since they had not been retouched since World War II. Stevens said the impact of the pandemic is also likely to cause a 20 million-pound ($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 home.
However, the palace has announced that even though the royal family is in financial crisis, they will not be asking the government for any sort of extra funding and will be implementing efficient policies and measures to cut costs. They have already sanctioned staff pay freezes and a halt in further hiring.
Similarly, not only the Crown Estate but the Royal Collection Trust (RCT); the charity that funds the art collection of the royal family has also seen a fall in income since it is funded by visitor admissions in the royal palace. Stevens said that the RCT contributed into the sovereign grant, so a fall in income increased the financial crisis upon the royal family.
The government, however, is liable to pay the royal family the same amount regardless of the drop in earnings, which is why it is speculated that the gap in payments will probably be covered with taxpayers money to get the royal family out of the financial crisis.
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