The royal family in Britain is facing millions of dollars in losses due to the consequences of the Corona pandemic, which is expected to affect government allocations that the family receives from Britain’s taxpayers’ money at a time when the economy is suffering heavily due to the consequences of the pandemic.
The financial losses of the British royal family are expected to reach about 35 million pounds, or the equivalent of 44.5 million dollars, according to what Michael Stevens, who is in charge of the financial affairs of the royal family, reported by Network CNBC American.
The allocations of the royal family in Britain include annual profits from the family’s real estate and mansions portfolio, whose profits are expected to decline sharply this year due to the consequences of the pandemic..
Stevens added that the government allocations for the royal family in Britain cannot be reduced, but “this means that they will be fixed for the year 2022/2023 at the level of 86 million pounds, while the allocations currently amount to 82.4 million pounds.”“.
Due to the consequences of the pandemic, Stevens expected that the amounts allocated for the development of Buckingham Palace will decrease from the total government allocations for the family by about 20 million pounds. The allocations for the palace development project, which will take about 10 years, amount to 369 million pounds, which will be reduced to 349 million pounds..
The revenues of the British royal family are also expected to suffer as the number of visitors wishing to see the royal family’s holdings that are displayed in the number of royal palaces will decrease at a time when those revenues represent a significant share of the government grant that the family receives.
Stevens added, “All of these things will constitute an annual decline in revenues over the next three years by about 5 million pounds annually, equivalent to about 15 million pounds sterling, in addition to a deficit of about 20 million pounds from the government grant.”“.
He added, “In the midst of these circumstances and challenges, we have no intention of requesting additional funding, but we will work to adapt our financial assets through self-efforts and in line with the current conditions that the country and the world are going through in the midst of the Corona pandemic.”