“Think back to August 1997. George’s album Older had already been out for a year, spinning off a quintet of top 3 singles in the UK whilst being largely ignored in the US,” (The Singles Jukebox). “And then the heretofore unthinkable happened: Diana, Princess of Wales, died in a car crash in Paris. In light of Diana’s death — not to mention that most knew of the friendship between George and Diana — ‘You Have Been Loved’ took on added resonance and became a profoundly moving, albeit unintentional, tribute to the late Princess.
‘You Have Been Loved’ was included a few months later on the Diana, Princess of Wales: Tribute compilation, alongside a number of suitably somber songs, both previously released and newly recorded. ‘Loved’ is the second song on the double album, behind only ‘Who Wants to Live Forever’ by Diana’s beloved Queen, and immediately prior to Annie Lennox’s ‘Angel.'”
The tune begins with an E minor that spends very little time on its tonic chord. But after briefly wending its way through several other tonalities, the chorus ends squarely on C major, starting at 2:37 and running until an interlude and verse 2 begin at at 3:04 in the original key. The track’s final measures are also in C major.