THE Royal Family’s finances have suffered heavily due to coronavirus and an expert has revealed a crucial event that has similarly cost the Queen millions of pounds.
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Royal finance expert and author David McClure reflected on the impact that coronavirus has had on the Royal Family. During an interview with Express.co.uk, Mr McClure claimed that although Queen Elizabeth II has many flows of income, key events in her reign cost the crown heavily. Mr McClure’s upcoming book, The Queen’s True Worth, is also set to be released in September and explore the head monarch’s wealth.
During the interview he said that the multiple divorces in the monarchy had resulted in the Queen having to pay large sums of money, most notably for Prince Charles and Diana’s divorce.
Mr McClure said: “On a whole range of areas the coronavirus has eaten into the Queen’s wealth.
“But of course there have been other things that have affected her wealth.”
The royal expert then went into details of past events that have caused disruption in the Queen’s finances.
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Queen news: Shocking trend in the Royal Family that has cost the crown MILLIONS (Image: GETTY)
Queen news: During the interview he said that the multiple divorces in the monarchy had resulted in the Queen having to pay large sums of money, most notably for Prince Charles and Diana’s divorce. (Image: GETTY)
He said: “The oddest in many ways is the cost of divorce.
“In one year in 1992 the marriages of three of her children really collapsed.
“The Queen had to pay, in part, for the cost of the divorce of Prince Andrew and Sarah Ferguson’s marriage.
“Initially when Prince Charles divorced from Princess Diana I don’t think Charles had enough money to pay for the divorce settlement.
Queen news: Mr McClure also claimed the monarchy would be looking at ways to cut costs as a result of the coronavirus crisis. (Image: GETTY)
“That cost came to about £70million and by all accounts he had to borrow some money from the Queen to finance that quite hefty bill.
“Money has been reduced in a variety of ways from the coronavirus crisis to divorce.”
Mr McClure also claimed the monarchy would be looking at ways to cut costs as a result of the coronavirus crisis.
He noted a simple way to cut down costs would be to reduce the size of the working royals.
Queen news: Mr McClure claimed that although the Queen has many inflows, key events in her reign cost the crown heavil like divorce (Image: GETTY)
Mr McClure said: “It is going to be difficult as there is already talk of job cuts at the Palace and Beefeaters at the Tower of London being made redundant.
“On the public expenditure level, it is clearly going to eat away at them.
“On a broader level, if the Royal Family really wanted to cut costs the best way to cut costs is to have fewer working royals.
“There has long been a debate on when Prince Charles becomes King whether we are going to have a streamlined monarchy.”
Source: EXPRESS CO UK