Royal income has taken an £14m hit after Covid pandemic while expenditure has risen by 17 per cent

The Queen will continue to tighten her belt as a post-pandemic credit crunch bites even at Buckingham Palace.

Sir Michael Stevens, the monarch’s Keeper of the Privy Purse, said yesterday that while her annual review reflected ‘something of a return to normality’ for the royal household – with travel, investitures and garden parties starting up again – it also continued to be a ‘challenging’ time for the monarchy.

Expenditure was £102.4 million last year – a rise of 17 per cent – with the majority being siphoned off by the major ten-year-programme of building works going on…

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