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Queen To Hit By Financial Crunch

By Staff

The movie starlets, business giants, royal artists and celebrities from the many areas have already hit by the financial crunch. The latest one to suffer the blow of financial difficulties is none other than the 'Queen.' An annual account of the Royal Household's expenditure has revealed that Queen will run out of funds by 2012.

Sadly, the Queen might run out of her funds, in her Diamond Jubilee year, unless the government increases the Civil List. The Civil List, which pays for the running of the Royal Household, has not increased in the last 20 years. The newly published accounts reveal that the total cost of keeping the monarchy during the last financial year has increased by 1.5 million pounds to 41.5 million pounds.

At present, UK is suffering from the global economic crisis- the worst since the Second World War. At the moment any request for an increase in funds would be difficult to tackle. It also revealed that the Queen raided the reserve fund by 6 million pounds to supplement the Civil List.

A breakdown of the figures has revealed that 9.9 million pounds went on salaries, administration 1.5 million pounds, housekeeping and furnishings 700,000 pounds, ceremonial functions 400,000 pounds, 1.1 million pounds on catering and hospitality, 600,000 pounds on the garden parties which were attended by 50,000 people. The reserve, which had around 35 million pounds at its peak, has now diminished to 14 million pounds. The reserve, which had around 35 million pounds at its peak, has now diminished to 14 million pounds.

Story first published: Thursday, July 2, 2009, 12:33 [IST]
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