By Carlota Baudin, Staff Reporter, The Pawprint
A decline in tourism due to COVID-19 may also see the crown losing $6.3 million for at least the next three years. The British Royal Family are facing increasing pressure to tighten purse strings across the board after the latest royal accounts reveal that the establishment will suffer an estimated $44.5 million shortfall due to COVID-19 losses. Despite not asking for extra funding as a result of the pandemic, the queen will continue to receive the same $110 million from the Sovereign.
The public allowance is made up of profits from the Crown Estate property empire and British taxpayer contributions. In response to financial losses, a number of changes have been made within the institution of the monarchy, including a recruitment freeze and pay freezes, though staff have not been furloughed. They will also naturally save money on the official travel bill as the country continues to deal with the coronavirus pandemic. The Royal Collection Trust, which oversees tourism at royal residences, has unfortunately had to make recent redundancies.
Reflecting on the past year, the queen’s treasurer Sir Michael Stevens added, “Although COVID-19 has temporarily changed the format of engagements and events, it has not changed the sense of continuity, reassurance and recognition they provide. Her Majesty’s programme, supported by Her family, will continue to develop meaningful ways to lead the nation through this time.”