Sir Michael Stevens, the Queen's treasurer, confirmed in a statement on Friday that the size of the Sovereign Grant, one of the royal family's major sources of income, won't be affected by an expected slump in profits from the Crown Estate's investments.
Much of central London was turned into a ghost town earlier this year as the lockdown kept millions of workers, shoppers and tourists away. Activity was beginning to pick up over the summer months but new restrictions introduced this week to combat a second wave of the virus are expected to dent that recovery.
So less money from the Crown Estate would be entering the Treasury, but payments to support the royal household would remain steady. Taxpayers would be making up the difference."Madness. Landlords have made risk bearing investments: if returns can rise rapidly in the good times, they should fall in the bad times. But as a society we don't seem to get that," tweeted Laurie Macfarlane, a fellow of the UCL Institute for Innovation and Public Purpose.
Royal accounts won't be completely unscathed by the pandemic, however. The reduced growth in the Sovereign Grant will shave £20 million from the £369 million budget to refurbish Buckingham Palace, while a decline in visitor numbers to the Palace and other venues such as Windsor Castle will lead to an estimated £15 million loss of income over the next three years.
Source: Real Estate Daily Report (realestatedailyreport.net)
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