Prince Harry and Meghan Markle wanted to be financially independent after they left the monarchy. However, the coronavirus pandemic has been keeping them from achieving their goal.
While the Duke and Duchess of Sussex are yet to stand for themselves financially, Prince Charles has been reportedly funding and supporting the two in their new life in Los Angeles through his Duchy of Cornwall.
Unfortunately for Harry and Meghan, their happy days of receiving financial support from the heir to the throne may be over, or at least limited.
Devastating News For Prince Harry, Meghan Markle
In the past few years, the Duchy of Cornwall's annual income significantly rose by three percent. Nonetheless, Prince Charles' yearly funds are about to receive a massive blow due to the coronavirus pandemic, according to Express U.K.
Alastair Martin, the secretary and keeper of the records of the Duchy, actually predicts a major drop in the income of Prince Charles based on the annual report on Thursday. With that said, the support to the Sussexes could be significantly reduced as well.
"As to 2020-21, it is too early in the new financial year to be able to say with any confidence what the impact on our financial performance will be," Martin explained. "But, despite having a particularly well-diversified asset base, we fully expect the revenue surplus to be down by a significant amount, in large part due to our trading enterprises being closed."
Martin added that the Duchy has not availed various government support schemes amid the pandemic, but it has continued to support its staff.
Meanwhile, the chief executive of the pressure group Graham Smith said that Prince Charles should not be given such a ludicrous amount of money amid the pandemic since public services are now stretched.
Currently, the total worth of the Duchy's assets -- amounting to more than $1.1 billion -- has dropped by nearly $32.5 million.
Because of this, the 71-year-old Prince Charles reportedly plans to review his financial arrangements in a year.
Moreover, instead of using the revenue from the Duchy of Cornwall, he will reportedly be using his own private funds to help the Sussexes with their new chosen life.
Sussexes Cannot Be Financially Independent Yet
As stated on the Sussexes' website, 95 percent of Prince Harry and Meghan Markles' income comes from Prince Charles' earnings from the Duchy of Cornwall. Since it covers almost everything, they are highly likely to suffer the most due to the financial blow.
After Megxit, the pair stopped receiving money from the taxpayer-funded Sovereign Grant, which made up the remaining 5 percent of their income.
The couple will also face headaches since Queen Elizabeth II urged them to pay back the multi-million expenses they spent on their Frogmore Cottage home. Currently, the royal couple is reportedly paying $21,780 per month for the expenses they made in the renovation of the said home.
It only means that, aside from cashing out $8,600 per day to pay the A-list security team they hired, they have a monthly expense that will be a burden to their finances even more.
The lack of engagements and projects during the pandemic could leave Prince Harry and Meghan broke soon.