Hard blow for Elizabeth II: this big money problem that she had not planned

Being a chatelaine involves significant financial investments, Elizabeth II knows this well. Buckingham Palace is under construction. In 2022, the cost of this gargantuan work exceeds the costs provided for by the State… The queen therefore draws on her cassette to finance them, as reported Newsweek this Tuesday, June 14.

Castle life has a price. English taxpayers know: Buckingham Palace is undergoing a decade-long renovation program and funded by the state. Horribly expensive repairs as pointed out Newsweek this Tuesday, June 14. According to a document published by the UK Treasury in March 2022, the work exploded the annual budget dedicated to them. Since then, Elizabeth II has been drawing on the financial reserves of the royal house to continue the renovation of the listed property on theEnglish Heritage, a list of buildings in danger of dilapidation. The funds, which amounted to 52.3 million euros at the end of 2021, have already been half exhausted. They were to be drastically reduced by 2023.

This sustained rate of work is indeed desired by His Majesty. She therefore plans to continue to draw on her cassette, fueled by the savings that the royal household manages to make on the pension that is devolved to her each year. More than 16 million additional will be disbursed by next year. A strategy that also suits the British Treasury, which said in a statement. “Royal administrators are delighted that the commissioning has accelerated further in 2021-2022 and, consequently, the reserve should be reduced to around 20 million pounds sterling (or 23 million euros, editor’s note) by the end of 2021-2022 and be drawn even lower in 2022-2023 .” By the end of June 2022, the Sovereign Grant Reportwhich provides for the annual sums to be paid to members of the royal family, should clarify its estimates.

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Elizabeth II still absent from Royal Ascot

Royal Ascot started this Tuesday, June 14. Horse racing takes place a few miles from Windsor Castle. Since 1952, Elizabeth II has never missed this event – except in 2020, because of the Covid-19. Although passionate about horse riding, the sovereign is ninety-six years old. A great age, which justifies that it rarefies its public appearances. For the second day in a row, she will therefore not be in the royal procession. Members of the British monarchy indeed travel by horse-drawn carriage to the equestrian celebrations from the Royal Mews. In the absence of the queen, Prince Charles and the Duchess of Cornwall will lead the procession. However, Her Majesty could make an appearance in the stands at Ascot Racecourse by this Saturday, June 18. Last year, the crowned head had attended the equestrian competitions only on the fifth day.

Photo credits: Bestimage

Source- https://www.gala.fr/l_actu/news_de_stars/coup-dur-pour-elizabeth-ii-ce-gros-probleme-dargent-quelle-navait-pas-prevu_495912