Queen Elizabeth II and the royal family are set to suffer from a huge financial blow caused by the global pandemic.
Following the drastic decline of tourists in their royal residence over the past few months, the Queen and the monarchy are facing a $45 million loss in their finances.
In the annual financial statement released by royal treasurer Sir Michael Stevens, who is the current Keeper of the Privy Purse and Treasurer to The Queen, it was revealed that the decrease in tourists means a shortfall of $19 million over the next three years.
"If we look at our core Sovereign Grant and the income that we generate to supplement the Sovereign Grant, both of which support the official duties of The Queen, we are expecting a significant reduction in income from the Royal Collection Trust due to the impact Covid-19 has had on their visitor numbers," the reports stated. "This forms the bulk of a projected shortfall in income, which we estimate will be around £5 million per year for the next three years."
The royal residence refers to the British royal estates -- including Windsor Castle and Frogmore House which are the most popular royal attractions, followed by the Queen's London residence and Buckingham Palace.
The royal estates generate income from the ticket admissions. In 2018 to 2019, the properties generated $61 million or £48 million in addition to retail sales estimated to $26 million or £21 million.
The financial statement also indicated that with the health crisis, the palace is $25 million short (£20 million) of their projected income, which will affect the 10-year plan to refurbish Buckingham Palace. For what it's worth, the Palace has a £369 million program that is scheduled to restore outdated plumbing and heating, as well as renovating the Queen's London residence that has not undergone significant changes since World War II.
Sir Michael Stevens also set the record straight and emphasized that the monarchy will not seek financial assistance from the government as well as the Sovereign Grant.
"In responding to these challenges, we have no intention of asking for extra funding but will look to manage the impact through our own efforts and efficiencies," he mentioned.
Furthermore, the Queen assured that the royal family would not be taking a pay cut despite the "significantly down" income at the Crown Estate this year.
"In the event of a reduction in the Crown Estate's profits, the Sovereign Grant is set at the same level as the previous year," a Treasury spokesperson explained to CNN Business.
"The Sovereign Grant funds the official business of the Monarchy, and does not provide a private income to any member of the royal family."
This came after the Brits criticized the monarchy and demanded that the taxpayers should not cover the royal family's financial losses due to the decline of income of the royal residence.
In a poll conducted by Express.co.uk, seven out of 10 people believe that Queen Elizabeth II should not receive millions from the Treasury over the pandemic losses.