The Queen's finances are going to be "hit quite badly" in two years, commentators have claimed. The Sovereign Grant Report, the monarchy's annual finances, was recently released, but does not yet show the true impact of the coronavirus pandemic. ITV Royal Rota podcast hosts Chris Ship and Lizzie Robinson explained why the true extent of the damage will be delayed.

       Mr Ship told listeners: "People might not have any sympathy for the Queen having to make ￡10million of savings in the past year because of Covid.

       "One of the things that we learned about the royal finances is that actually they've started making cutbacks.

       "They've had a recruitment freeze, they spent less money on royal visits obviously because they couldn't do royal visits.

       "They've had a cost management exercise, as they call it, and saved ￡10million this year."

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       He continued: "Not because the royal finances have been hit already, it's because they are going to be hit quite badly.

       "The sovereign grant is based on a proportion of the profits of the crown estate from two years before.

       "Obviously two years ago the sovereign grant hadn't been hit.

       "In two years' time however, because of the pandemic and the collapse in rental values and all those sort of things, the sovereign grants gonna be hit quite badly."

       The host added: "They know that is coming down the track."

       Ms Robinson gave further insight: "Everyone's going to say to the Queen, 'Well we're not going to feel very sorry for you that you've got to make some cutbacks'.

       "But I suppose it's like any other business that's been hit by the pandemic."

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       She added: "They've had to sort of look for cost savings, look for areas of spend.

       "They told us that they've put off a lot of the maintenance projects that they had for some of the royal palaces.

       "Not Buckingham Palace because that's kind of funded separately.

       "So Covid is having an impact.

       "And it could be even more staggering later on."