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Queen Elizabeth Nearly Down to Last $1M, Finds Household Audit

Image: Queen Elizabeth Nearly Down to Last $1M, Finds Household Audit

By Alexandra Ward   |   Tuesday, 28 Jan 2014 11:54 AM

Queen Elizabeth may be on the verge of a financial breakdown, according to a recent report by the House of Commons' Public Accounts Committee, which found that the monarch is down to nearly her last million.

The Telegraph reported that the queen's finances are at a "historic low," with just 1 million pounds ($1.66 million) left in the reserve. That's down from 35 million pounds ($58 million) in 2001, the U.K. paper noted.

But Queen Elizabeth herself is not necessarily responsible for the overspending. The committee's report placed the blame squarely on the royal's advisers who reportedly spent all 31 million pounds ($51.4 million) of the taxpayer funds received during the 2012-13 fiscal year and then some, according to The Telegraph.

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What's more, many of the queen's estates are falling into disrepair and now there isn’t enough money in the reserves to fix up the buildings.

"Forty percent of [the royal estate] needs something doing to it," Margaret Hodge, the Labour chairman of the committee, told The Telegraph. "The boilers at Buckingham Palace haven't been replaced for 60 years. Windsor Castle has problems with the bedrooms, and the Royal Picture Gallery has buckets to catch the water coming through."

Hodge has called on the Treasury Department to "be actively involved in reviewing the household's financial planning and management" in the future.

"The household must get a much firmer grip on how it plans to address its maintenance backlog," she said. "It has not even costed the repair works needed to bring the estate back to an acceptable condition. Again, the Treasury has an oversight role here."

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