London Daily

Focus on the big picture.
Sunday, Nov 23, 2025

Queen Elizabeth's Finances Hit, Royal Budget May Lose 15 Million Pounds

Queen Elizabeth's Finances Hit, Royal Budget May Lose 15 Million Pounds

Unveiling the annual financial report of Queen Elizabeth II's household, officials also said Prince Harry and his wife Meghan were now paying commercial rent on their UK residence at Windsor Castle, after quitting the royal frontline.

Britain's Royal Household on Friday defended taxpayer-funded trips, including a golfing jaunt by the beleaguered Prince Andrew, as it warned of a financial hit stemming from the coronavirus pandemic.

Unveiling the annual financial report of Queen Elizabeth II's household, officials also said Prince Harry and his wife Meghan were now paying commercial rent on their UK residence at Windsor Castle, after quitting the royal frontline.

The Sovereign Grant, which pays for the monarch's official duties and upkeep of royal palaces, came to 82.4 million pounds ($105 million, 90.1 million euros) in the financial year ending in March 2020, a slight rise from the year before.

In March, the UK went into lockdown against the coronavirus pandemic and royal finances have been dented by the loss of sizeable income generated from public visits to the palaces.

Losses to the Royal Household's core budget will come to 15 million pounds over the next three years, according to Michael Stevens, who as Keeper of the Privy Purse is the queen's treasurer.

A separate budget for long-term repairs designed to avert a "catastrophic failure" to the fabric of Buckingham Palace, the queen's main residence in London, will suffer a shortfall of 20 million pounds.

By law, the Sovereign Grant cannot go down year-on-year, and the monarchy has become increasingly cost-conscious given wider public scrutiny of its affairs.

But Stevens said British taxpayers would not be asked to cough up for the additional shortfalls, at a time when millions are suffering a drop in income or outright loss of their jobs.

"In responding to both these financial challenges we have no intention of asking for extra funding and will look to manage the impact through our own efforts and efficiencies," he told reporters.

The Royal Household has already instituted a freeze on pay and new hiring, and is "actively looking at cutting non-essential expenditure", a senior royal source added.

Royal sports

The annual report itemised the costs of royal trips over the past financial year, including 15,848 pounds incurred for a charter flight to take Prince Andrew to a golf club in Northern Ireland in July 2019.

Another charter flight was deemed necessary for Princess Anne to attend a rugby match between Italy and Scotland in Rome in February, at a cost of 16,440 pounds.

While the queen's only daughter is a widely popular and industrious member of the family, her second son Andrew's reputation has been shredded by his association with the late Jeffrey Epstein, a convicted paedophile.

Both royals were serving in an official capacity as patrons of relevant organisations, and there were no commercial flights available to accommodate their schedules, the royal source said.

Officials were also grilled about a claim by Prince Harry's spokesman this month that the queen's grandson has paid back 2.4 million pounds of taxpayers' money used to renovate Frogmore Cottage, his home in the grounds of Windsor Castle.

The Duke of Sussex and his former actress wife retired from royal duties earlier this year in a quest for "financial independence", and reportedly paid back the refurbishment costs out of a multi-million-dollar deal with the TV giant Netflix.

The Sussexes' disaffection with media scrutiny came to a head on a 10-day tour of southern Africa in September 2019 - a trip that cost the taxpayer 245,643 pounds.

The royal source said the couple, who have moved to the United States, intended to keep Frogmore Cottage as their UK residence, and were paying a higher commercial rent to reflect the value added by the renovation.

The cottage, a 19th-century building on the sprawling Windsor Castle estate, west of London, was transformed from five separate homes into a single property.

Newsletter

Related Articles

0:00
0:00
Close
Johnson Blasts ‘Incoherent’ Covid Inquiry Findings Amid Report’s Harsh Critique of His Government
Lord Rothermere Secures £500 Million Deal to Acquire Telegraph Titles
Maduro Tightens Security Measures as U.S. Strike Threat Intensifies
U.S. Envoys Deliver Ultimatum to Ukraine: Sign Peace Deal by Thursday or Risk Losing American Support
Zelenskyy Signals Progress Toward Ending the War: ‘One of the Hardest Moments in History’ (end of his business model?)
U.S. Issues Alert Declaring Venezuelan Airspace a Hazard Due to Escalating Security Conditions
The U.S. State Department Announces That Mass Migration Constitutes an Existential Threat to Western Civilization and Undermines the Stability of Key American Allies
Students Challenge AI-Driven Teaching at University of Staffordshire
Pikeville Medical Center Partners with UK’s Golisano Children’s Network to Expand Pediatric Care
Germany, France and UK Confirm Full Support for Ukraine in US-Backed Security Plan
UK Low-Traffic Neighbourhoods Face Rising Backlash as Pandemic Schemes Unravel
UK Records Coldest Night of Autumn as Sub-Zero Conditions Sweep the Country
UK at Risk of Losing International Doctors as Workforce Exodus Grows, Regulator Warns
ASU Launches ASU London, Extending Its Innovation Brand to the UK Education Market
UK Prime Minister Keir Starmer to Visit China in January as Diplomatic Reset Accelerates
Google Launches Voluntary Buyouts for UK Staff Amid AI-Driven Company Realignment
UK braces for freezing snap as snow and ice warnings escalate
Majority of UK Novelists Fear AI Could Displace Their Work, Cambridge Study Finds
UK's Carrier Strike Group Achieves Full Operational Capability During NATO Drill in Mediterranean
Trump and Mamdani to Meet at the White House: “The Communist Asked”
Nvidia Again Beats Forecasts, Shares Jump in After-Hours Trading
Wintry Conditions Persist Along UK Coasts After Up to Seven Centimetres of Snow
UK Inflation Eases to 3.6 % in October, Opening Door for Rate Cut
UK Accelerates Munitions Factory Build-Out to Reinforce Warfighting Readiness
UK Consumer Optimism Plunges Ahead of November Budget
A Decade of Innovation Stagnation at Apple: The Cook Era Critique
Caribbean Reparations Commission Seeks ‘Mutually Beneficial’ Justice from UK
EU Insists UK Must Contribute Financially for Access to Electricity Market and Broader Ties
UK to Outlaw Live-Event Ticket Resales Above Face Value
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
German Entertainment Icons Alice and Ellen Kessler Die Together at Age 89
UK Unveils Sweeping Asylum Reforms with 20-Year Settlement Wait and Conditional Status
UK Orders Twitter Hacker to Repay £4.1 Million Following 2020 High-Profile Breach
Popeyes UK Eyes Century Mark as Fried-Chicken Chain Accelerates Roll-out
Two-thirds of UK nurses report working while unwell amid staffing crisis
Britain to Reform Human-Rights Laws in Sweeping Asylum Policy Overhaul
Nearly Half of Job Losses Under Labour Government Affect UK Youth
UK Chancellor Reeves Eyes High-Value Home Levy in Budget to Raise Tens of Billions
UK Urges Poland to Choose Swedish Submarines in Multi-Billion € Defence Bid
US Border Czar Tom Homan Declares UK No Longer a ‘Friend’ Amid Intelligence Rift
UK Announces Reversal of Income Tax Hike Plans Ahead of Budget
Starmer Faces Mounting Turmoil as Leaked Briefings Ignite Leadership Plot Rumours
UK Commentator Sami Hamdi Returns Home After US Visa Revocation and Detention
UK Eyes Denmark-Style Asylum Rules in Major Migration Shift
UK Signals Intelligence Freeze Amid US Maritime Drug-Strike Campaign
TikTok Awards UK & Ireland 2025 Celebrates Top Creators Including Max Klymenko as Creator of the Year
UK Growth Nearly Stalls at 0.1% in Q3 as Cyberattack Halts Car Production
Apple Denied Permission to Appeal UK App Store Ruling, Faces Over £1bn Liability
UK Chooses Wylfa for First Small Modular Reactors, Drawing Sharp U.S. Objection
Starmer Faces Growing Labour Backlash as Briefing Sparks Authority Crisis
×