Shock figures show land and property belonging to the monarch’s Crown Estate, including London’s Regents Street, St James’s and retail parks across the UK, have fallen in value by £552.5million as rental income from shops falls following the UK lockdown to fight the COVID-19 crisis. The monarch’s empire is now worth £13.4billion, according to annual figures published today.
Before March, when the UK went into a nationwide lockdown, the estate had enjoyed profits of £345million.
Profits go to the Treasury, which is then passed back to the Firm in the form of a Sovereign Grant.
But recent figures show the Crown Estates has managed to collect just 52 percent of rents from retail tenants in central London and 53 percent outside the capital this year.
The rental income from officers in central London is 88 percent.
However Dan Labbad, the Crown Estate’s chief executive, said things were looking up.
He added: “We’ve seen most of our retail and food and beverage come back and want to open where they are still trading.
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However tourism of the Queen’s royal residences has come to a grinding halt due to the coronavirus pandemic, and it appears the Queen could lose millions this year.
Royal residences such as Buckingham Palace, Clarence House and Holyroodhouse in Edinburgh are all usually popular attractions for tourists and rake in millions of pounds a year.
But according to , the Queen’s head of the Royal Household has told staff income is expected to fall by nearly £18 million due to lack of tourism.
Lord Chamberlain Earl Peel wrote in an email to royal staff: “The crisis has already tested our resilience, adaptability and preparedness in many ways and at all levels across the organisation.
“It has also had a significant impact on the activities of the whole Royal Household.
“Although the UK appears to be over the peak of infections, it remains unclear when measures such as social distancing will come to an end.
“We must therefore assume it could still be many weeks, if not months, before we are able to return to business as usual.
“There are undoubtedly very difficult times ahead and we realise many of you will be concerned.”
As of 2020, the Sunday Times Rich List estimated the Queen is worth £350 million.
