Queen Elizabeth II Receives Threatening News Amid Reports of Bankruptcy

Queen Elizabeth II's problems may extend until next year. 

According to reports, the 94-year-old monarch and her courtiers will be raising funds "in various ways" so that they could avoid taking even more money from British taxpayers. 

This news comes after the royal family's annual expenses report a massive shortfall in their finances for 2020. 

Royal commentator Richard Fitzwilliams explained to Express UK why there had been a significant drop in this year's Buckingham Palace income. 

"The expectation is that that will be met, so far as is possible, by various' efforts and efficiencies.'"

Fitzgerald alleged that the Palace will be $46 million short and said that the monarchy has already anticipated it as they intend to plug this deficit. 

He further stated that it is expected there will no increase in taxes for British taxpayers. 

Additionally, the British royal family faced the massive millions hit as a result of the coronavirus pandemic. 

The Royal Collection Trust, which is the charity that maintains the monarchy's art collection and is funded by visitors, admissions to occupied royal palaces have been affected. 

The Trust is what supplements the most in the sovereign grant. 

But due to the pandemic, there has been a significant drop in income - making it the fastest and deepest recession since the "great frost" in 1709. 

Michael Stevens, who manages the royal family's finances, explained to CNBC, "This forms the bulk of a projected shortfall in income which we estimate will be around $6.6 million per year for the next three years."

"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."

Despite being the longest-reigning monarch in British history, after ascending the throne 68 years ago, Queen Elizabeth II isn't as rich as many people think. 

She has a net worth of $443 million, which all derived from a grant from British taxpayers, and additional income sources such as "property rentals and facility management are part of the royal accounts that bring in $23.5 million."

But aside from the Queen, her son and first-born Prince Charles also have a significant income stream of his own. 

The Duchy of Cornwall covers his and his heir's - Prince William, Kate Middleton, Prince Harry, Meghan Markle, and their kids.  

As per The Journal, the 71-year-old heir to the throne paid them a combined $6.5 million in 2019. 

They also reported that the Duchy paid Prince Charles $28.1 million. Now, its reported value is about $1.2 billion. 

However, next year could come, and it wouldn't be Queen Elizabeth II's problems anymore. 

Another royal expert claimed that Queen Elizabeth II might be abdicating once she turns 95 - and that is in April 2021. 

Robert Jobson told True Royalty TV's "The Royal Beat" that she will retire from royal life in 2021.

"I understand the Queen has given the matter considerable thought and believes that, if she is still alive at 95, she will seriously consider passing the reign to Charles."

"Her Majesty is mindful of her age and wants to make sure when the time comes, the transition of the Crown is seamless."

"But despite not wanting to, Jobson and another royal reporter, Jack Royston, believes "she has to." 

"But realistically, she will get to a point where she has handed over everything to Charles, and then how do you look your son in the eye and tell him he is not going to be King."  

READ MORE: Royal Copycat: Prince Charles Follows Meghan Markle's Footsteps

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