According
to The Daily Telegraph,
a report by the House of Commons’ Public Accounts Committee has found that the
Queen’s financial reserves have reached a “historic low,” dwindling to 1
million pounds ($1.66 million) from 35 million pounds ($58 million) in 2001.
The
Committee’s report has placed the blame squarely on the Queen’s advisers for
overspending in a manner out of line with the austerity measures that have been
adopted by Prime Minister David Cameron’s government.
According
to the Telegraph, the royal household only managed 5 percent efficiency savings
over the past five years, while some British government departments have cut
their budgets by up to 33 percent. In the 2012-13 fiscal year, the report found
that the royal household received 31 million pounds ($51.4 million) in taxpayer
funds, but spent 33.3 million ($55.2 million), dipping into the reserves in the
process.
Margaret
Hodge, a Labour MP who chaired the committee, told Sky News that the financial
mismanagement has resulted in two of the Queen’s most famous residences falling
into disrepair, with no contingency plant to pay for the backlog of repairs.