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Queen Elizabeth II will be affected by budget cuts just like the rest of the English public, according to the emergency budget announced by Chancellor George Osbourne on Tuesday.
Queen Elizabeth II attends Royal Ascot Ladies Day on June 17 in Ascot, England. (Stuart Wilson/Getty Images)
Nearly £7.8 million will be subtracted from the Queen’s paycheque for the coming year. This is approximately the amount spent on the maintenance and staffing of Buckingham Palace.
“I will propose a new means of consolidated support for Her Majesty for the future, at a later date,” said Osbourne in his speech.
The changes were made with the Queen’s full agreement. The Chancellor also said that, in future, Royal Household spending will be given the same scrutiny as other government expenses.
President Obama warned that extreme budget cuts proposed by economies in European countries could threaten global markets. He is meeting this week with the Group of 20 nations (G20) to discuss how this can be straightened out.
