Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Queen Elizabeth's Finances Hit, Royal Budget May Lose 15 Million Pounds

Queen Elizabeth's Finances Hit, Royal Budget May Lose 15 Million Pounds

Unveiling the annual financial report of Queen Elizabeth II's household, officials also said Prince Harry and his wife Meghan were now paying commercial rent on their UK residence at Windsor Castle, after quitting the royal frontline.

Britain's Royal Household on Friday defended taxpayer-funded trips, including a golfing jaunt by the beleaguered Prince Andrew, as it warned of a financial hit stemming from the coronavirus pandemic.

Unveiling the annual financial report of Queen Elizabeth II's household, officials also said Prince Harry and his wife Meghan were now paying commercial rent on their UK residence at Windsor Castle, after quitting the royal frontline.

The Sovereign Grant, which pays for the monarch's official duties and upkeep of royal palaces, came to 82.4 million pounds ($105 million, 90.1 million euros) in the financial year ending in March 2020, a slight rise from the year before.

In March, the UK went into lockdown against the coronavirus pandemic and royal finances have been dented by the loss of sizeable income generated from public visits to the palaces.

Losses to the Royal Household's core budget will come to 15 million pounds over the next three years, according to Michael Stevens, who as Keeper of the Privy Purse is the queen's treasurer.

A separate budget for long-term repairs designed to avert a "catastrophic failure" to the fabric of Buckingham Palace, the queen's main residence in London, will suffer a shortfall of 20 million pounds.

By law, the Sovereign Grant cannot go down year-on-year, and the monarchy has become increasingly cost-conscious given wider public scrutiny of its affairs.

But Stevens said British taxpayers would not be asked to cough up for the additional shortfalls, at a time when millions are suffering a drop in income or outright loss of their jobs.

"In responding to both these financial challenges we have no intention of asking for extra funding and will look to manage the impact through our own efforts and efficiencies," he told reporters.

The Royal Household has already instituted a freeze on pay and new hiring, and is "actively looking at cutting non-essential expenditure", a senior royal source added.

Royal sports

The annual report itemised the costs of royal trips over the past financial year, including 15,848 pounds incurred for a charter flight to take Prince Andrew to a golf club in Northern Ireland in July 2019.

Another charter flight was deemed necessary for Princess Anne to attend a rugby match between Italy and Scotland in Rome in February, at a cost of 16,440 pounds.

While the queen's only daughter is a widely popular and industrious member of the family, her second son Andrew's reputation has been shredded by his association with the late Jeffrey Epstein, a convicted paedophile.

Both royals were serving in an official capacity as patrons of relevant organisations, and there were no commercial flights available to accommodate their schedules, the royal source said.

Officials were also grilled about a claim by Prince Harry's spokesman this month that the queen's grandson has paid back 2.4 million pounds of taxpayers' money used to renovate Frogmore Cottage, his home in the grounds of Windsor Castle.

The Duke of Sussex and his former actress wife retired from royal duties earlier this year in a quest for "financial independence", and reportedly paid back the refurbishment costs out of a multi-million-dollar deal with the TV giant Netflix.

The Sussexes' disaffection with media scrutiny came to a head on a 10-day tour of southern Africa in September 2019 - a trip that cost the taxpayer 245,643 pounds.

The royal source said the couple, who have moved to the United States, intended to keep Frogmore Cottage as their UK residence, and were paying a higher commercial rent to reflect the value added by the renovation.

The cottage, a 19th-century building on the sprawling Windsor Castle estate, west of London, was transformed from five separate homes into a single property.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Russia’s A7 Builds a State-Linked Payments Network Beyond Western Sanctions
AI’s Next Bottleneck Is Power, Not Just Nvidia Chips
Meta Raises AI Spending Target to as Much as $145bn Despite Pressure Over Returns
Danube Drought Exposes Nazi Wrecks and Pushes Central Europe’s Power System to the Brink
Joe Biden’s Cancer Has Spread Beyond His Bones, Hunter Biden Says
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Why Markets May Look Quiet in August After Big Tech Earnings
UK Drought Cuts Harvests and Raises Food-Security Fears
UFO: Pentagon Releases Video of Unidentified Object Tracked Over Middle East
Ukraine Tells Senate Republicans Its Drone War Offers a Blueprint for America
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Senate Scrutinises AI-Driven Personalised Pricing
Spain Seeks Mainland Transfers for 1,100 Children Stranded in Ceuta
Spain and Morocco Trade Blame After 72,000 Migrants Enter Ceuta
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Europe’s Heat and Drought Are Now Disrupting Power, Shipping and Tourism
Europe’s Drying Rivers Trigger Power Cuts, Factory Shutdowns and Wildfire Emergencies
Record-Low Danube Forces Nuclear Cuts and Emergency Power Curbs
Danube Drought Forces Hungary’s Paks Nuclear Plant Into Full Shutdown
Ceuta Death Toll Rises as Spain and Europe Clash Over Border Response
Valued at $109 Million: F-35B Fighter Jet Crashes in Southern California
Record-Low Danube Exposes Probable Mammoth Remains in Bulgaria
US Says It Has Carried Out Heavy Strikes on Iran After Attempted Attacks on Its Forces
The AI User Nightmare: Private Claude Conversations Leaked to the Internet
Over 24 Hours in the Air: Qantas Airbus Completes Record-Breaking Test Flight
Massive Wildfires Ravage Southern Europe: Fatalities in Greece and Evacuations Across France, Spain, and Turkey
Nvidia Reportedly Takes Vast Texas Data-Centre Lease to Underwrite AI Expansion
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Apple Briefly Crosses Five Trillion Dollar Valuation as Investors Retreat From AI Bets
Fresh Heatwave Threatens to Rekindle France’s Historic Wildfire Crisis
Following OpenAI's Cyberattack: 'Most Companies Still Do Not Understand What Is Coming'
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Czech Central Bank Governor Rejects Early Euro Entry and Rate-Cut Pressure
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Vivienne Westwood Casts Cicciolina, 74, in Its New Autumn Campaign
Dejavu: Germany’s Military Expansion Reshapes Europe’s Strategic Balance With France
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Brilliant move: Péter Magyar Moves to Nominate Chess Grandmaster Judit Polgár as Hungary’s President
Spain Defeats Argentina in Extra Time to Win Second World Cup
Current AI Seeks to Build an Open Global AI Infrastructure Outside Big Tech Control
Germany’s Economic Malaise Reopens the Sunday Shopping Debate
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Netherlands Declares Water Shortage Emergency After Drought Pushes Rivers to Historic Lows
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
Reported CIA Mission Helped Clear the UAE’s Path to Advanced US AI Chips
Artificial Intelligence Capital Fuels Markets While Governments and Regulators Face Mounting Strategic Tests
×