Buckingham Palace also has to “tighten its belt” and serve the economic crisis following the pandemic. Sir Michael StevensTreasurer of the Queen, has made it known that despite the apparent return to normal – with the resumption of all activities, from garden parties to investiture ceremonies – it remains a “Difficult time” for the coffers of the monarchy.
According to the accounting books, expenses increased by 17% (£ 102.4 million) – mostly due to refurbishment of Buckingham Palacewhose electrical system dates back to the Second World War – while thereal prerogativei.e. the part paid by taxpayers to cover the expenses of the Royal Family (flights, stays, official commitments: the controversial trip to the Caribbean by William and Kate Middletonfor example, it cost more 226 thousand pounds) and royal palaces, including personnel, remained at 86.3 million.
Because of the pandemic, and the associated lockdowns, they are reduced by 50% also the income from the royal residences deriving from the tourism (above all Buckingham Palace). And all this led the Palace to draw on the Queen’s “piggy bank” – the royal coffers – to cover the deficit, which however, according to Sir Stevens, “was not unexpected”.
The Dukes of Sussex have been removed from the budget Harry And Meghan Marklewhich now, writes the Daily Mailare “economically independent”, so much so that the Easter trip to London and the renovations of Frogmore Cottage they took it on themselves. But the Megxit it was but a drop in the ocean.
It will take at least three years, say the royal officers, to return to the pre-pandemic level, or at least to a balance. In the meantime, the Treasurer assured: “We will continue our efforts to manage this situation.”
Other stories of Vanity Fair that may interest you:
All the Cambridge men: who is behind William and Kate Middleton’s trip to the Caribbean
The queen reappears (“in great shape”) at the Loyalty Parade in Scotland: photos
Without Queen Elizabeth what will become of Buckingham Palace?
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Source: Vanity Fair
