Queen Elizabeth II faces revenue cuts due to COVID crisis

Queen Elizabeth II and Prince Philip in Trinidad and Tobago in 2009. Image from Commonwealth Secretariat

Queen Elizabeth II is bracing huge cuts on the Sovereign Grant after the COVID-19 crisis has severely affected revenue sources.

Buckingham Palace insiders shared with The Mirror that the monarch may be get a far smaller sum in future.

The queen presently received £82 million a year , which represents 25 per cent of the Crown Estate's profits. She is said to be "happy to play her part" in the income cut.

The Sovereign Grant agreement between the Palace and the government will expire next year and palace officials are now negotiating for a new deal.

Last year, Queen Elizabeth II received £82.4 million, but it is expected that a lower amount would be reached. 

"Her Majesty is very much aware of the hardships people have been through during the pandemic and is happy to play her part in cutting costs,” an insider said.

Before the current agreement, the queen received 15 per cent of Crown Estate profits, but this was increased in spite of sweeping public service cuts. The increase was made to pay for the year repairworks at Buckingham Palace, which is expected to cost more than £360 million over 10 years.

If this article interests you, feel free to read this article about financing the British Royal Family.