Royal palaces ‘crumbling’ as Queen’s finances dwindle

Royal palaces ‘crumbling’ as Queen’s finances dwindle

Royal palaces ‘crumbling’ as Queen’s finances dwindle

Written by News 1st

29 Jan, 2014 | 2:55 pm

The Queen’s household finances were at a “historic low” with just £1 million left in reserve, MPs said on Monday.

Her courtiers were advised to take money-saving tips from the Treasury.

A report by the Commons public accounts committee found that the Queen’s advisers were failing to control her finances while the royal palaces were “crumbling”.

MPs said her advisers had overspent to such an extent that her reserve fund had fallen from £35 million in 2001 to just £1 million today.

The Royal household had made efficiency savings of just 5 per cent over the past five years compared with government departments, that are cutting their budgets by up to a third.

MPs on the committee said the Treasury must “get a grip” and help to protect the royal palaces from “further damage and deterioration”.

-The Telegraph

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