British royal family on tight budget due to COVID-19

Not even Queen Elizabeth II and her family have been spared the economic effects of the coronavirus.

Queen Elizabeth II attends Royal Ascot at Ascot Racecourse in Berkshire, England. 17th June 2015.

It seems everybody’s favourite royals will have to tighten their belts with the family expected to take a financial hit as visitors to Buckingham Palace and other royal buildings drop.

 The royals will likely see a shortfall of 15 million pounds (US$19 million) over three years, Stevens said in the royal household’s annual accounts.

Additionally, renovations on the queen’s famed home, Buckingham Palace will also see a major funding gap for the 10-year works that is estimated to cost 369 million pounds to replace old heating, plumbing and wiring.

The ageing palace hasn’t had any major upgrades since the early 1940s and faces major failure if the work is not completed, reports have said.

The family has said it will not ask the British government for money, but will make cuts and increase efficiencies where it can. Already, the Palace has placed a freeze on staff wages and stopped hirings.

British taxpayers shelled out some 69.4 million pounds (US$88.2 million) in the past financial year for the family’s upkeep.