Coronavirus Decimates The Royal Family Finances?
Families all across the globe are feeling the impact of the coronavirus whether they actually contract the lethal disease or not. The pandemic has affected jobs as well as health and as such many individuals are struggling to get by.
The royal family need to generate income just like other families in order to stay solvent
The royal family is facing some of these financial constraints themselves. For instance, several sources used by The Firm to fund their activities are in the line of fire. Taxpayer cash, the Sovereign Grant, evolves from the Treasury. But this number is part of a formula that ties it to the profits of the Crown Estate which is a £14billion property empire that grows income for the Government.
Experts estimate that the estate’s £343.5million profits made last year will fall victim to a fall in the value of commercial property.
The royal family have more than one financial iron in the fire
Roughly half of The Firm’s income comes from locations in London’s West End, particularly around Regent Street. Rents in this area are expected to fall as the various shops and businesses located there struggle to remain solvent.
On the other hand, the good news is that the queen currently has an agreement in which she receives a sum equivalent to 25 per cent of Crown Estate profits which prevents the Sovereign Grant being cut.
But, it is likely that this will remain stagnant for a couple of years if profits do indeed fall.
Her Majesty receives a significant amount of income via real estate investments
Queen Elizabeth receives about £21million a year from the sovereign’s Duchy of Lancaster landed estate another site at which profits are expected to be impacted by a commercial property funding slump.
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Prince Charles’ finances are complicated by the allowance he gives his adult son Harry
Prince Charles is likely to incur similar losses as the major source of funding for him and his family is the £21.6million profits of the Duchy of Cornwall landed estate.
Then again, his finances are also funding the bill that Prince Harry and Meghan totaled up in their highly publicized move to Los Angeles, code name: Finding Freedom. Freedom from what is a good question because he clearly doesn’t want freedom from his dad paying his bills!
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