Despite Prince Harry and Meghan Markle stepping away from their royal duties to live a more financially independent and low-key lifestyle, the Duke and Duchess of Sussex are suffering huge financial losses due to their change in titles. But they're not the only ones with money troubles; Queen Elizabeth II is reportedly struggling due to the COVID-19 pandemic!
According to the Daily Express, the new Hollywood duo spent tens of thousands of pounds on their doomed non-profit, Sussex Royal — which the 39-year-old and her 36-year-old husband set up last year after parting from The Royal Foundation, a charity ran by Prince William, 38, and his wife, Kate Middleton, 38.
While the actress and red-headed prince hoped to use their royal titles, the Queen and senior officials allegedly agreed they can no longer use "royal" for "branding" and must "re-brand." Therefore, the pair set in motion plans to shut down their Sussex Royal non-profit and start a new one from scratch called Archewell, the Daily Express reported.
"The queen has put pressure on the couple's branding. This happened after the incessant backlash from when they announced they were taking a backseat to the royal family," an insider exclusively told Radar Online. "It's fair to say Meghan is more disappointed than Harry is about having to get rid of Sussex Royal."
In July, the Suits alum and Harry filed for solvent liquidation of Sussex Royal and changed the name of the organization to MWX Foundation. In the Declaration of Solvency — published on July 28 — the former non-profit had £99,000 in the bank and were prepared to spend £35,000, presumably on salaries for the staff and other expenditures, before it closed down.
It is unknown how much money was spent on the endeavor that never produced any charitable projects except for Travalyst. It is unclear whether or not the couple intend to register Travalyst as a charity as well, as it is not currently on the Charities' Commission list.
As OK! previously reported, Harry and Meghan recently signed a $150M production deal with Netflix. The couple released a statement, explaining that they will be “creating content that informs but also gives hope” and inspires new generations with “impactful content that unlocks action.”
As for the monarch, Her Majesty's "charities" and "historic royal palaces" have suffered huge monetary losses due to the COVID-19 pandemic, according to another report by the Daily Express. The novel virus has forced multiple royal residences to close off sights to tourists. The £100M loss led to the Palace having to eliminate "86 full-time positions."
Producer Lizzie Robinson explained: "The historic royal palaces have six unoccupied sites: the Tower of London, Hampton Court, Banqueting House, Kensington Palace, Kew Palace and Hillsborough Castle. They were forecasting an income of around £110million this year." However, she said, "because of the pandemic they are now only forecasting an income of £10million."
Luckily for the 94-year-old, the £100M loss has not affected "the Queen's income from Sovereign Grant or the Duchy of Lancaster."