Brexit hits Queen Elizabeth’s finances
Queen Elizabeth will reportedly lose £1 million a year due to Brexit.
The British monarch’s country retreat in Norfolk, Sandringham Estate, is set to lose out on EU subsidies of up to £700,000 a year, while her farms near Windsor Castle will miss out on £300,000, the Sunday Telegraph reports.
A source said Brexit, Britain’s exit from the European Union, was not a “budget-busting concern” but the Queen’s financial team had been watching developments closely.
The insider explained: “I don’t think it was a budget-busting concern, it wasn’t something people were losing sleep over. But it was something people were conscious of as a post-referendum impact.
“I think that they were interested to see what the Government’s view was on what the replacement mechanism would be for the CAP (Common Agricultural Policy) domestically.”
Dickie Arbiter, Buckingham Palace’s former press secretary, said: “After Brexit Her Majesty would fall in line with everyone else currently entitled to CAP and would not wish to be considered a special case or come in for special treatment.”
And a Buckingham Palace spokesman said: “Subsidies are open to all farmers; and like others with agricultural interests, subsidies are received on the Queen’s private estates.
“We would not comment beyond the detail that is already in the public domain as a matter of record.”