With no tourism, the palace is taking a huge financial hit. Photo / Getty Images
With no tourism, the palace is taking a huge financial hit. Photo / Getty Images
The impact of Covid-19 is being felt in the palace pocket book as the lockdown looks to leave a $15 million financial black hole.
Buckingham Palace and Windsor Castle are expected to remain shut during the British summer and the Queen looks to withdraw from all royal duties.
This leavesthe Royal Collections Trust losing out on entrance tickets and profits from gift sales, which totalled $15 million last year alone.
The ticket and gift sales top up the $170 million-a-year Sovereign Grant, which is made up by taxpayers.
Concerns have also been raised about rental income from Crown Estates, which owns shopping centres and residential properties, all of which are expected to take a massive hit.
They also receive income and the Duchys of Lancaster and Cornwall which fund the Queen and the Prince of Wales. Photo / Getty Images
Royal author David McClure said: "Even after the immediate crisis is over, the real risk is that, in the medium-term, foreign visitors won't return in the same numbers."
It is believed most of the 1200 royal staff are being kept on at full pay and the Queen has not signed up to the furlough scheme to pay them.
They also receive income and the Duchys of Lancaster and Cornwall, which fund the Queen and the Prince of Wales.
