Queen Elizabeth II is embroiled in a financial shortfall, forcing the monarchy into cutbacks as the pandemic plunges the country into recession. Lockdown has led to a significant dip in tourism at Buckingham Palace, leading to an estimated £15million loss of income over the next three years, according to the latest royal accounts. A £20million shortfall in money set aside by the Crown Estate for the 10-year refurbishment of Buckingham Palace was also revealed by the Keeper of the Privy Purse, Sir Michael Stevens.
Although, he warned the Royal Family would not turn to “extra funding” as the monarchy will prepare for a more cautious financial approach.
The monarchy’s spending has come under more scrutiny in recent months as the rest of the country endures the severe economic consequences of the pandemic.
The royal finances in 2019-2020 showed Prince Charles’ trip to Oman, where he offered condolences after a death in the country’s royal family, including flights costing £210,000.
Prince Harry and Meghan Markle also went on a trip to southern-Africa which cost the taxpayer £245,000.
Princess Anne flew to Rome to attend a Six Nations rugby match between Italy and Scotland, costing £16,400.
Prince Andrew took a charter flight to attend the Royal Portrush Golf Club’s Open Championship, which cost around £15,800.
Expenses on travel, hospitality and property rose by four percent during the financial year – costing an extra £2.4million.
The amount spent by the royal household last year on official duties such as travel, as well as hospitality and property maintenance rose by £2.4million or four percent.
Graham Smith, of the Republic campaign group, fumed at the figures in September, saying that they were “disgraceful” and branded it “daylight robbery”.
READ MORE: Prince Philip’s furious response to BBC question exposed
The concerning state of the economy was once again highlighted recently as the national debt jumped to more than £2trillion.
The budget deficit – the annual shortfall between spending and tax income – is expected to reach more than £400billion this year.
More bad news for the UK came this week from a think tank’s report.
According to the Organisation for Economic Cooperation and Development, the UK’s economic recovery will lag behind every other major economy in the world bar Argentina.
The Paris-based organisation said it forecasts the UK economy to contract by 11.2 percent this year, compared with the 10.1 percent fall in GDP it was forecasting in September.
It also sharply downgraded its forecasts for UK growth next year, to 4.2 percent from 7.6 percent three months ago.
