According to new reports, the Queen of
England is down to her last $1.6m in
reserves after royal overspending. She was
once the richest woman in the world (in
the 80s) and in 2010 Forbes mag
estimated her net worth at around
$450 million and now she’s broke? Nah!!
Read the report below..
From E-online
Perhaps Queen Elizabeth II could learn
something from her thrifty
granddaughter-in-law Kate Middleton.
The 87-year-old monarch has been
overspending the royal family’s
famous fortune, according to a report
published by the Commons Public
Accounts Committee on Monday, Jan.
27.
Following her courtiers’ advice, Her
Majesty the Queen’s reserve fund has
fallen from £35 million ($58 million) in
2001 to just £1 million ($1.6 million)
in 2014. The report states the royal
family is “spending above their means
and dipping into the reserves…the
balance now stands at an all-time
low.” Continue…
The report also reveals that a number of
palaces are in “dangerous or
deteriorating” conditions. Forty percent of
them, in fact, are “below acceptable
standards.” It’s not exactly new
information, as Queen Elizabeth II knows
that there’s an $82 million backlog in
repairs due to tightened government
funding.
Taxpayers fund the royal palaces in Britain,
comprised of more than 300 buildings. In
2013, the public spent about £31 million
($51 million) renovating and operating the
facilities. The report urged the treasury to
“get a grip” and help the royal family to
prevent “further damage and
deterioration.”
According to the report, royal staff
members have been forced to catch rain in
buckets to protect art and antiquities in
some locations. Queen Elizabeth II’s
“antiquated” boilers are more than 60
years old.
“The Queen has not been served well by
the Household and by the Treasury,” said
Margaret Hodge, the labor chairman of the
Public Accounts Committee. “We got the
impression that they just haven’t tried to
make greater savings. Here we are, we’re
all in it together, but they are failing to eek
better value for the Queen. They are
dipping into their reserves in a way that
just isn’t sensible.”
“If you look at the Tower of London and
its visitor numbers it makes you think that
there’s potential there. Have they done
their darndest to maximize value for
money?” Hodge wondered.
The royal household has pledged to
introduce a 10-year maintenance plan to
resolve the backlog. It has also pledged to
increase the size of its reserve fund.
Married to Prince Philip since 1947, Queen
Elizabeth II has four children and eight
grandchildren—including Prince William &
Prince Harry.
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