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Queen’s net worth has dropped by £20 million since last year

The Queen is worth £20million less than she was a year ago, according to the Times Rich List for 2020.

Her Majesty’s net worth in 2019 was said to be £370million – but extensive repairs to Buckingham Palace are reported to have taken their toll on her funds, OK reports.

The 94-year-old monarch currently ranks at 372 on the rich list and is estimated to be worth £350million as of this year.

It comes after reports royal residences will remain closed to tourists during the coronavirus crisis and members of staff face pay freezes.

While The Queen herself is set to withdraw from public duties for months in the longest enforced absence ever during her reign.

It was last week confirmed Buckingham Palace would remain shut to visitors for the remainder of the year, while those who have booked to explore the Queen’s London home will be refunded.

While the Royal Collection Trust has also ordered Frogmore House in Windsor and the Prince of Wales’s London base Clarence House to remain closed in 2020.

Garden parties and investitures at the Palace have already been cancelled, Trooping the Colour will not take place in its normal form and the royals have swapped public appearances for video calls as they carry out their duties while working from home.

The Trust, which oversees tourism at royal residences, pays a £7 million facility fee to the Royal Household for the privilege of bringing in visitors and a big chunk of it, although not all of it, will be lost.

That fee bolsters the £85.9 million the Queen currently receives from the taxpayer under the Sovereign Grant, which is equivalent to 25 per cent of the Crown Estate profits.

The Sun reported Lord Chamberlain Earl Peel – the most senior official of the royal household – has warned staff that income is expected to fall by a third this year leaving reported losses of £17.8m.

In an email to staff seen by the newspaper, the Lord Chamberlain said the royal household was “not immune” to the impact of the pandemic.

All but essential expenditure has been suspended, a recruitment freeze has been implemented and the annual pay review has been paused, he reportedly told staff.

A Palace spokesman said the “time to address this issue” can only come when the impact of the crisis is clearer.

“At the moment the attention of the royal household is on ensuring it follows all the guidelines and supports the national effort in combatting Covid-19,” he added.

However, it was reported last week Her Majesty had instructed a team of builders to resume work on the £369 million refurbishment of Buckingham Palace now that the Government has eased lockdown measures.

The Queen has been staying at Windsor Castle with the Duke of Edinburgh and is expected to remain there for the foreseeable future.

Between July and September, while the Queen is usually away at Balmoral, thousands of tourists descend on the Palace for the annual opening of its state rooms to the public.

It is believed to be the first time it will be staying shut during the summer months since it first opened its doors in 1993.

The British Monarch will remain at Windsor Castle for an indefinite period, with palace officials confirming her safety will not be risked during the crisis.

Her Majesty normally returns to Buckingham Palace from Windsor in May, where she spends most of her time until her July summer break at Balmoral.

Her enforced absence is expected to be the longest period of time that she has been kept away from official duties in her 68-year reign.

source: international-journal.com/

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