Queen Elizabeth II down to her last million due to overspending
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.
From
Eonline
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