PUBLISHED: 04:02, Fri, Sep 25, 2020 | UPDATED: 04:02, Fri, Sep 25, 2020
During an annual meeting on the royal finances, it was revealed that the monarchy is expected to lose £15million over the next three years due to a plummet of income from the Royal Collection Trust. The expected loss is due to a dramatic drop in visitors to the royal properties including Buckingham Palace and Windsor Castle.
Expensive travel costs for the Royal Family’s international engagements has also built up over the recent financial year.
Meghan Markle and Prince Harry’s tour of South Africa came to £246,000.
Prince Charles visit to Oman following the death of Sultan Qaboos bin Said cost £210,345.
Both of the royal trips were on behalf of the UK government and the Foreign Office.
The Royal Family could lose £35million from their income due to the coronavirus crisis (Image: getty)
The monarchy is expected to lose £15million over the next three years (Image: getty)
Additionally, a £369million programme to update Buckingham Palace's electrical cabling, plumbing and heating over 10 years is also expected to be £20million short.
Sir Michael Stevens, Keeper of the Privy Purse, said: "In responding to both these financial challenges we have no intention of asking for extra funding and will look to manage the impact through our own efforts and efficiencies."
In April, a pay freeze was introduced for royal staff.
There is also a halt on recruitment as only business-critical positions are being filled.
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The expected loss is due to a drop in visitors to the royal properties including Buckingham Palace (Image: getty)
Figures from the Sovereign Grant show that the Royal Family cost the taxpayer £69.4 million in 2019-20.
This was a significant increase from the