K-19 with a brutal blow to the royal family

It turns out that the Queen will have to live more modestly or at least postpone the renovation of Buckingham Palace. No, it’s not. And that’s why …

Elizabeth II lives on funds from the British budget. Last year, he received more than £ 80 million. However, this money was more than covered by the income from the management of the property of the crown: a year earlier, they brought 330 million to the treasury, so the citizens were in black numbers.

But everything has changed due to the pandemic, writes the BBC.

The so-called royal estates – the Crown Estate, a real estate and land empire worth more than 13 billion pounds, owned by the monarch, but managed in the interests of his subjects – made a record profit of 345 million pounds last year. but the palace is not in a hurry. to share it.

The fact is that the main income of the Crown Estate comes from the rental of real estate and land: dozens of buildings in central London, including the entirety of Regent Street, shopping parks and shopping centers in the countryside and even on the bottom of the sea .

Due to the isolation, the stores do not wait for customers and the offices are workers. As a result, tenants post losses, delay payments, and negotiate discounts. In the three months from late March to late June, the Crown Estate was able to collect just two-thirds of its rent, manager Dan Lebad told the Financial Times.

The worst situation is in central London, where shops pay only half the rent. The next three months will be about the same, Lebad added.

“It is too early to accurately forecast our results for the 2020/2021 financial year, but we certainly expect a significant decline in both earnings and the value of our assets,” Lebad wrote in an annual report to parliament released this week.

Faced with such a crisis, Crown Estate is in no rush to share income: Of the 345 million benefits last year, only 87 million were transferred to the treasury, which roughly corresponds to the amount of the actual annual grant.

We will learn more about the palace tales later, but given the popularity of the British monarchy both in Britain and the world, hardly anyone would dare to seriously consider cutting grants for Elizabeth II when the indirect income of the royal family exceed the cost of maintenance.