Royal financier and author David McClure insisted the Royal Family would have a difficult time regaining the profits lost due to coronavirus. During an interview with Express.co.uk, Mr McClure claimed that over the short and medium-term, the crown would be hurt economically from coronavirus. Regarding the long-term, Mr McClure reflected on what changes Queen Elizabeth II could introduce to reduce their spending.
Mr McClure’s upcoming book, ‘The Queen’s True Worth’, is planned to be released in September and explores the financial struggles and triumphs the monarchy has faced over the years.
Mr McClure said: “In the short term the coronavirus crisis will directly eat into the money going into the Royal Family.
“This applies particularly to things like visitor admissions to Buckingham Palace but to also Windsor Castle and some of the other palaces.
“Even though some of the royal palaces have been opened up, they have really been hurt by the closure and loss of revenue.”
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Mr McClure also insisted coronavirus would impact the revenue over the medium-term as well.
He said: “In the medium-term, it is going to eat into the profits of the Duchy.
“Not just the Queen’s Duchy, the Duchy of Lancaster, but also Charle’s Duchy, the Duchy of Cornwall.
“Both those organisations have essentially issued profit warnings for next year.
“Maybe the Royal Family will use ZOOM and video links more than in the past.
“This would also allow them to reduce their carbon footprint as they may not be flying as much.
“Overall it is going to be difficult as the Royal Family has to be seen to believed.
“The Queen is head of state not just of Britain but also of 15 other states.
“The Royal Family do have to travel so it is going to be a tricky balancing act to see how in the long-term they respond to the coronavirus crisis.”