During an annual meeting on the royal finances, it was revealed that the monarchy is expected to lose £15million over the next three years due to a plummet of income from the Royal Collection Trust. The expected loss is due to a dramatic drop in visitors to the royal properties including Buckingham Palace and Windsor Castle.
Expensive travel costs for the Royal Family’s international engagements has also built up over the recent financial year.
Meghan Markle and Prince Harry’s tour of South Africa came to £246,000.
Prince Charles visit to Oman following the death of Sultan Qaboos bin Said cost £210,345.
Both of the royal trips were on behalf of the UK government and the Foreign Office.
Additionally, a £369million programme to update Buckingham Palace’s electrical cabling, plumbing and heating over 10 years is also expected to be £20million short.
Sir Michael Stevens, Keeper of the Privy Purse, said: “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.”
In April, a pay freeze was introduced for royal staff.
There is also a halt on recruitment as only business-critical positions are being filled.
“It’s actually gone up by two-thirds in the last nine years and if you look at inflation, inflation has only gone up 20%, so they really have had a rise income in the last decade or so.
“Now it’s sort of flattening out and plateauing so yes, they have a problem but they’ve really had good times for the last nine years or so.”
It comes after the Duke and Duchess of Sussex announced that they paid back the full £2.4million spent on refurbishing their UK home, Frogmore Cottage.
A senior places source, told Sky News: “The Duke and Duchess of Sussex have made a substantial contribution to the Sovereign Grant that covers refurbishment and rental obligations for Frogmore Cottage.
“The reporting method for this contribution has yet to be determined and will have to be agreed by the National Audit Office before appearing in next year’s accounts.”
The Sussexes announced the payment soon after revealing that they signed a £112million production deal with Netflix.
The deal means the royal couple can create documentaries, films, TV series and children’s shows for the online streaming giant.
The Duke and Duchess of Sussex said they hoped to make content “that informs but also gives hope”.
As parents to their one-year old son Archie, the couple also plans to make “inspirational family programming”.
In a statement, the Sussexes said: “As new parents, making inspirational family programming is also important to us, as is powerful storytelling through a truthful and relatable lens.”
Published at Fri, 25 Sep 2020 03:02:28 +0000