Queen Elizabeth knee-deep in financial trouble as monarchy faces a major shortfall

Queen Elizabeth II is reportedly knee-deep in financial trouble as her coffers are drying up quite rapidly.

The annual report of Her Majesty’s expenditure rocked the British royal family as they face a major challenge in terms of their finances.

Discussing the situation, Royally Obsessed podcast hosts, Roberta Fiorito and Rachel Bowie revealed how the family is falling short on cash.

Bowie said: "We heard about Queen Elizabeth's finances, the report was released recently. They have a major shortfall in their finances.”

"Two sources, Harper's Bazaar and People Magazine, report that they're short between £25 and £40 million. It's due to the reduction in income from the Royal Collection Trust, which is due to the impact of COVID-19. Basically that translates to: there's been no tourism,” she went on to say.

"With no tourism, nobody's been paying entrance fees and they're not donating to go see all of the Crown Jewels and so on. Usually the Royal Collection Trust money feeds into the sovereign grant which pays the royals to carry out official duties. It also funds maintenance of occupied royal residences,” she continued.

"The wild thing is that the sovereign grant can't go down from previous years. So the royals will still receive the same amount of money next year, but they just won't get all the Royal Collection Trust money,” she went on to say.

Fiorito chimed in, saying: "A lot of it has to do with Buckingham Palace refurbishments, which have cost them almost half a billion.”

"It's going to take seven more years so they really need to find these savings elsewhere. They've already instituted a recruitment freeze so they're not hiring anyone else, and a pay freeze,” she added.

"But they haven't done any furloughs so they're trying to keep everyone on staff. But there's no raises and no new hires so I expect ticket prices will go up. There'll probably be a lot more commercial flights since a lot of the travel finances have gone in the news recently,” she said.