The Queen has reportedly “refused to take her annual pay rise” for the first time in living memory as the coronavirus pandemic rages on.
Sources close to Her Majesty have announced that, much like the rest of the country, she too will be making cutbacks on spending.
However, a palace source was keen to reiterate that the royal household is not furloughing staff.
It will not be laying off any members of staff either.
How will the Queen make cuts?
Instead, the monarchy will look to make savings though its “own efforts and efficiencies”. The Queen may even make fewer public engagements.
Some could even switch to video engagements, a source said.
Buckingham Palace figures reveal that the Queen will receive a Sovereign Grant worth £85.9 million next year.
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This figure includes £33m to repair her palaces.
However, because of the current pandemic affecting tourism and Crown Estate rents, the monarch has seen a £35m dip in her personal earnings.
The Sovereign Grant that’s paid to the Queen is calculated as 25% of the total Crown Estates income.
Estimates suggest that figure has fallen by £20m due to the COVID-19 crisis.
Tourist income for the royal has dipped, too.
It’s expected to be down £5m every year for the next three years.
No calls for ‘extra money’
As such, the grant for 2021/2022 and 2022/2023 will be frozen at £86.3m.
But The Sun reports the Queen will not be putting out “any calls for extra money”.
Instead, it seems she wishes to present a united front with her subjects, many of whom are struggling financially as a result of the pandemic.
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A palace source said: “Her Majesty understands that families across the country are having to make things go further and that should be the same for the palace.”
They added: “The expected shortfalls will not see any calls for extra money but just a determination to be visible and carry on.”
Last year the much-loved monarch pocketed £82.4m from the public purse – just £1.23 per Brit.
Taking inflation into account, next year’s sum will equate to the first time in living memory that the Queen does not get a pay rise.
This is because her taxpayer-funded contribution could be set to fall.
Sir Michael Stevens, keeper of the Privy Purse, added: “We have no intention of asking for extra funding. We will look to manage the impact through our own efforts and efficiencies.”
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