sent an email to his staff about the palace’s uncertain financial future. In the email, he estimated that revenue from tourism would be down by a third over 2020. Usually, Buckingham Palace opens state rooms to the public when the queen goes to Balmoral for the summer, but last week they announced that the palace will remain closed, as will many of the other attractions managed by the household, from the Queen’s Galleries to Windsor Castle and the estates in London.
“The crisis has already tested our resilience, adaptability and preparedness in many ways and at all levels across the organization. It has also had a significant impact on the activities of the whole Royal Household,” he said in the email, which was viewed by the“Although the U.K. appears to be over the peak of infections, it remains unclear when measures such as social distancing will come to an end.
Ever since 2011, the royal family’s official duties have been funded by a somewhat complicated formula that combines public and private sources of income into a pool called the Sovereign Grant. Every year, the family contributes money into the fund through tourism and educational activities, and the queen draws money out to pay for the staffing costs of senior royals, property maintenance and renovation, and other costs directly associated with their public roles.
The system replaced a previous law where senior royal funding was a line item on the government budget, and it’s usually considered to be a great success. The amount given to the queen from the grant is determined partially by how much tourism brings in every year. The aftermath of the coronavirus might be the first stress test of the decade-old Sovereign Grant.
In a statement, Buckingham Palace said that these discussions have only just begun. “The whole country is very likely to be impacted financially by coronavirus and the Royal Household is no exception,” it read. “However, the time to address this will be when the full impact of the situation is clearer.”
She'll survive.
Geez, terrible...I mean she will only have..what 50 mill, left?... in fact, more than that!! Poor soul..let’s send her a good parcel.......aye right!!! 🤪
Oh boo-boo! 😭😭😭