Queen Elizabeth is almost out of money. As soon as 2012 the crown could be bankrupt. I have heard this story from a few places now but I find it both funny and educational.
Do I feel bad for the Queen of England? No, but I almost think I could. More money brings more spending. This proves not even Royalty can budget effectively. The Queen gets £7.9 million from British taxpayers each year. I'm fairly confident that I could live off an allowance like that, but I don't have a monarchy to run. So how far did the Queen go into the red? £33.6 million over budget. Holy crap. I'm sure I will never spend that amount of money my entire life. That said, the Royal Family hasn't seen a cost of living raise in 10 years and negotiations are set for 2010.
The easy takeaway from this is, more money = more spending (and debt). I'm not British and have only visited London once for a few weeks in highschool, but I still think I would be upset at paying an allowance to a family simply because they are Royal. Maybe its a large part of national pride for the Brits, in such a case by all means pay the people. I just would not be happy about paying a tax to a functionally useless family. Stay smart about personal finance people.
Queen is going broke.
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