The Queen’s finances will be “hit pretty hard in two years,” commentators claimed. The Sovereign Grant Report, the annual finances of the monarchy, was recently released but does not yet reveal the real impact of the coronavirus pandemic. ITV Royal Rota’s podcast hosts Chris Ship and Lizzie Robinson explained why the true extent of the damage will be delayed.
Mr Ship told the audience: “People may not understand that the Queen had to save £ 10million last year because of Covid.
“One of the things we learned about royal finances is that they have actually started to make cuts.
“They had a hiring freeze, they obviously spent less money on royal visits because they couldn’t do royal visits.
“They did what they call a cost management exercise and saved £ 10 million this year.”
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He continued, “Not because the royal finances have already been hit, but because they are going to be hit pretty hard.
“The state grant is based on a share of the profit from the crown estate two years earlier.
“Two years ago the state grant had obviously not been reached.
“But two years from now, government grants will be hit pretty hard because of the pandemic and the collapse in rental values and all of that.”
She added, “You had to look for cost savings, look for areas of spending.
“They told us that they had postponed many of the maintenance projects they had on some of the royal palaces.
“Not Buckingham Palace, because it’s somehow funded separately.
“So Covid has an impact.
“And it could be even more breathtaking later.”
