World

Queen Elizabeth II's finances take hit

Officials also said Prince Harry and his wife Meghan were now paying commercial rent on their UK residence at Windsor Castle

Updated 6 years ago · Published on 25 Sep 2020 9:16AM

Queen Elizabeth II's finances take hit
Artists put the finishing touches to a wax figure of Queen Elizabeth II in Madame Tussauds recently. – AFP file pic

LONDON – Britain's Royal Household today defended taxpayer-funded trips, including a golfing jaunt by the beleaguered Prince Andrew, as it warned of a financial hit stemming from the coronavirus pandemic. 

Unveiling the annual financial report of Queen Elizabeth II's household, officials also said Prince Harry and his wife Meghan were now paying commercial rent on their UK residence at Windsor Castle, after quitting the royal frontline.

The Sovereign Grant, which pays for the monarch's official duties and upkeep of royal palaces, came to £82.4 million (RM438 million) in the financial year ending in March 2020, a slight rise from the year before. 

In March, the UK went into lockdown against the coronavirus pandemic and royal finances have been dented by the loss of sizeable income generated from public visits to the palaces.

Losses to the Royal Household's core budget will come to £15 million (RM79.7 million) over the next three years, according to Michael Stevens, who as Keeper of the Privy Purse is the queen's treasurer.

A separate budget for long-term repairs designed to avert a "catastrophic failure" to the fabric of Buckingham Palace, the queen's main residence in London, will suffer a shortfall of £20 million (RM106.3 million). 

By law, the Sovereign Grant cannot go down year-on-year, and the monarchy has become increasingly cost-conscious given wider public scrutiny of its affairs. 

But Stevens said British taxpayers would not be asked to cough up for the additional shortfalls, at a time when millions are suffering a drop in income or outright loss of their jobs.

"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," he said. 

The Royal Household has already instituted a freeze on pay and new hiring, and is "actively looking at cutting non-essential expenditure", a senior royal source added.

'Royal sports'

The annual report itemised the costs of royal trips over the past financial year, including £15,848 (RM84,240) incurred for a charter flight to take Prince Andrew to a golf club in Northern Ireland in July 2019.

Another charter flight was deemed necessary for Princess Anne to attend a rugby match between Italy and Scotland in Rome in February, at a cost of £16,440 (RM87,300).

While the queen's only daughter is a widely popular and industrious member of the family, her second son Andrew's reputation has been shredded by his association with the late Jeffrey Epstein, a convicted paedophile.

Both royals were serving in an official capacity as patrons of relevant organisations, and there were no commercial flights available to accommodate their schedules, the royal source said.

Officials were also grilled about a claim by Prince Harry's spokesman this month that the queen's grandson has paid back £2.4 million (RM12.75 million) of taxpayers' money used to renovate Frogmore Cottage, his home in the grounds of Windsor Castle.

The Duke of Sussex and his former actress wife retired from royal duties earlier this year in a quest for "financial independence", and reportedly paid back the refurbishment costs out of a multi-million-dollar deal with the TV giant Netflix.

The Sussexes' disaffection with media scrutiny came to a head on a 10-day tour of southern Africa in September 2019 – a trip that cost the taxpayers £245,643 (RM1,306,400).

The royal source said the couple, who have moved to the United States, intended to keep Frogmore Cottage as their UK residence, and were paying a higher commercial rent to reflect the value added by the renovation.

The cottage, a 19th-century building on the sprawling Windsor Castle estate, west of London, was transformed from five separate homes into a single property. – AFP, September 25, 2020 

Related News

Business / 19h

Energy disruptions - a timely reminder that energy, economic security are interconnected - Minister

Malaysia / 6d

Anwar cementing full term for the Madani government

Malaysia / 1w

Bersatu, Muda sign CSA with Madani govt to back Budget 2027

Malaysia / 1w

Anwar rebukes those who brand fellow Muslims as hypocrites, apostates

Malaysia / 2w

Hassan disappointed by ministers’ absence during Budget 2027 debate

Malaysia / 3w

PH state assemblymen urge NS State Legislative Assembly to convene immediately

Spotlight

Business

Ringgit gains as oil prices plunge on hopes of Iran conflict de-escalation

Events

UKM to establish academic research platform named after Dr Wan Azizah

Malaysia

Deepavali preparations destroyed as flash floods inundate Sungai Buloh homes

Malaysia

Melaka polls: Calm campaign puts focus on what parties can offer voters

Malaysia

Anwar challenges Hadi over ‘Dajjal’ label

Malaysia

Shuhaily remains AKPS chief pending official transfer order, says lawyer

Malaysia

Najib's former wife Tengku Puteri Zainah passes away

Malaysia

Matrade exposes scam involving fake procurement orders, advance payment demands

By Alfian Z.M. Tahir

Malaysia

“Don’t panic,” Govt assures stable essential goods supply amid geopolitical tensions, monsoon threat

You may be interested

World

Iran claims three vessels catch fire in Strait of Hormuz, captures two US drones

World

Wave of hoax bomb threats disrupts European flights, prompts fighter jet escorts

World

Democrats seize control of Congress in sweeping midterm gains across Republican strongholds

World

France braces for nationwide strikes and protests as Macron seeks to avert fresh unrest

World

Iran warns countries aiding US military action will become 'legitimate targets'

World

Indonesia deploys troops in Jakarta amid political turmoil over alleged phone-spying scandal

World

Nearly 90 million displaced people exposed to climate risks, UNHCR warns

World

Israeli President certifies election results