Profits from a vast property empire will deliver less money to taxpayers but the royal family's slice will remain the same, writes Europe correspondent Bevan Shields.
Labbad has warned that the property portfolio — which spans farmland, seabeds and some of central London's most valuable buildings including the grand retail precinct of Regent Street — will be affected by the economic downturn.
"In the event of a reduction in the Crown Estate's profits, the Sovereign Grant is set at the same level as the previous year," a Treasury spokesperson confirmed on Friday. The closure of Buckingham Palace and Windsor Castle to tourists and a predicted fall in tourism over future years could shave £15 million off the supplementary income over the next three years.
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