Royal Family News: Is Queen Elizabeth Now Bankrupt Due To The Coronavirus Pandemic?

British royal family news reveals that the monarchy is veering toward the red due to the coronavirus pandemic. Buckingham Palace has divulged that it lost more than half of its annual income, outside of Government funding, forcing it to reach into its savings.

Royal Family News – The Monarchy Is Losing Money Fast

According to reports, the royal household went from £20.2million in 2019/20 to £9.4million in 2020/21, a steep decline in bread and butter money.

At the same time the property maintenance bill skyrocketed from £38.4million to £49.5 million, due in large part to renovations to the Queen’s official residence.

During 2020/21 the sovereign grant, money given to the monarch by Government, increased by £3.5million to £85.9million. This fund is contains £51.5million for the Queen’s official duties and her household, and an additional £34.4million for reservicing costs at the palace.

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Royal Family News – Her Majesty Is Not Bankrupt Yet

In 2020/21 the taxpayer paid £87.5million for the monarchy, an increase of £18.1million over the previous financial year. Again, this was due to palace building makeovers.

At the same time Harry and Meghan magnanimously decided to pay for the cost of turning five staff cottages into a deluxe home at Windsor. They subsequently decided to abandon the royal family and the monarchy, and signed lucrative deals with Netflix and Spotify. Until they paid up public pressure for them to reimburse the taxpayer was intense.

The financial report suggests that the Sussexes paid five months rent on the property after Megxit, their official deal to ditch the UK and become fulltime celebs.

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— SOS/CTS/HH (@SoapOperaSpy) June 23, 2021

Royal Family News – Harry And Meghan Actually Paid The Rent They Owed

An official financial officer, Sir Michael Stevens, said yesterday: “We will not be going into the detail of the commercial arrangement for the Duke and Duchess of Sussex’s use of the house but please remember the payment covers all their current obligations.”

He added, “We are confident that it represents a good outcome for the sovereign grant. The return on investment in the refurbished property has been determined with reference to independent property specialists and the accounting treatment signed off by Her Majesty’s Treasury and the National Audit Office.”

Sir Michael added that cost cutting measures across all areas included staff pay and recruitment freezes but not a single job was cut. At the same time the palace dipped into its savings to make ends meet.

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