The Queen’s wealth portfolio is infested by the Corinavirus. Taxpayers will bail him out

The Queen’s treasurer, Sir Michael Stevens, confirmed in a statement on Friday that the size of the sovereign grant, one of the royal family’s main sources of income, would not be affected by the expected reduction in profits from Crown Estate investments.

The Sovereign Grant is a unit amount paid by the government which includes official travel, staff expenses and palace expenses. The grant stems from Crown Estate, a real estate company that supports a sprawling collection of farmland and mainland London property. Most of the proceeds from the Crown Estate go to government offices, but 25% of the government pays the Queen in the form of a sovereign grant.

Much of central London was turned into a haunted city, keeping millions of workers, shopkeepers and tourists away from the earlier cadaver. Activity began in the summer months, but new restrictions introduced this week to combat a second wave of the virus are expected to hamper recovery.

The Queen will not cut salaries even if the Crown Estate earns income this year. The way the grant is calculated means that it will receive a share of share 345 million – 3 86.3 million (110 110 million) from March to March 2022. Even if the Crown pays it, it will remain at that level in future years. The estate’s profits remain under pressure, as the law governing the grant does not allow it to fall into full terms.

A Treasury spokesman told CNN Business: “In the event of a decline in Crown Estate’s profits, the Sarvorn grant is set at the same level as last year.” The Sovereign Grant funds the monarchy’s official business and does not provide private income to any member of the royal family, the spokesman said.

So less money from the Crown Estate would enter the Treasury, but payments for royal house aid would remain stable. Taxpayers make a difference.

The expected bailout was criticized by some economists on social media.

The Sovereign Grant is reviewed every five years by the Prime Minister, the Finance Minister and the Queen’s Treasurer. It’s for review next year, meaning that, hypothetically, taxpayer subsidies could be reduced.

The news comes as UK companies shed about 700,000 jobs between March and August last year and more layoffs are expected next month when wage support from the government is significantly reduced. Britain is also facing the prospect of higher taxes to pay off rising government debt, which for the first time last month exceeded tr 2 trillion (tr. Tr trillion).

However, the royal accounts will not be completely dismantled by the epidemic. Soccer Grant Decreased Growth Buckingham Palace will shave 20 20 million (25 25.5 million) out of a 36 9,369 million (47 1,471.2 million) budget for renovations, while other locations such as the Palace and Windsor Castle will see a drop in visitors. An estimated revenue loss of 15 15 million (19 19 million) over the next three years.

Treasurer Stevens said the royal family had “no intention” of requesting additional funding and “it will manage the impact through our own efforts and efficiency.”

Expenditure covered by the Sovereign Grant, including payroll, property maintenance and travel expenses until March 2020, rose 3.6% year-on-year to 4.69.4 million (.688.6 million), according to a financial report released on Friday. 1.5% and 2% over the same period.

“There seems to be a disconnect between needs and income,” he added.

– Max Foster contributes to this story.