Buckingham Palace revealed on Wednesday, June 23, that it had lost just over half its annual income outside of Government funding after closing its gates to visitors.
Income plunged from £20.2million in 2019/20 to £9.4million in 2020/21.
Meanwhile, its property maintenance bill soared from £38.4million to £49.5 million as part of its planned upgrade of the Queen’s official residence.
The sovereign grant, money given to the monarch by the UK Government which is based on the income surplus from The Crown Estate two years ago, increased by £3.5million to £85.9million during 2020/21.
It was comprised of a core element of £51.5million that funds the Queen’s official duties and her household, plus an additional £34.4million to pay for reservicing costs at the palace.
In all, the monarchy cost the British taxpayer £87.5million in 2020/21, an increase of £18.1million from the previous financial year.
Meanwhile an unexpected £2.4million payment from the Duke and Duchess of Sussex, Prince Harry and Meghan Markle saved the palace from having to dip into its savings more than it feared.
Sir Michael Stevens, keeper of the privy purse, said on Wednesday that palace staff had ‘tightened their belts’, cutting costs across all areas without job losses, including a pay and recruitment freeze.