Queen’s coffers could be left with $13 million black hole as royal palaces close during lockdown
The Queen’s coffers are set to take a huge hit as the ongoing lockdown from the coronavirus crisis cripples British tourism.
Closure of royal palaces during lockdown threatens to leave a $13.26 million black hole in the Queen’s coffers.
Buckingham Palace and Windsor Castle are expected to remain shut all British summer as the Queen withdraws from public duties, reports The Sun.
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Her Majesty received $13.26 million from entrance tickets and gift sales from the Royal Collections Trust last year.
The money from ticket and gift shop sales, which tops up the $155 million-a-year Sovereign Grant, will have to be made up by taxpayers, it is feared.
There are also concerns rental income from Crown Estates, which owns shopping centres and residential properties, will take a massive hit.
Royal author David McClure said: “Even after the immediate crisis is over, the real risk is that, in the medium-term, foreign visitors won’t return in the same numbers.”
Most of the 1200 royal staff are being kept on at full pay and the Queen has not signed up to the state furlough scheme.
They also receive income and the Duchys of Lancaster and Cornwall which fund the Queen and the Prince of Wales.
The Queen’s own personal wealth also boosts the royal coffers.
This article originally appeared in The Sun and was reproduced with permission
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