The finances of Queen Elizabeth II has reportedly have reached a "historic low" and come down to the last million pounds.
Zee Media Bureau
London: The finances of Queen Elizabeth II has reportedly have reached a "historic low" and come down to the last million pounds.
According to a report by House of Commons` Public Accounts Committee, Queen Elizabeth II had funds worth 35 million pounds in 2001 which have now decreased to merely 1 million pounds, as per a news report.
The British MPs have reportedly criticised the Royal Household for overspending when the royal palaces are "crumbling" and in dire need of repairs.
The reports blames Queen`s advisers for financial mismanagement and failing to abide by austerity measures. It states that the royal household has managed to save only 5% in the last five years.
Margaret Hodge, a Labor MP, has reportedly stated that Treasury has failed to review the financial planning and management of the House.
She further said that the Royal Household needs to cut back on its expenditure, as per report.
The Royal Household has reportedly said that repairing palaces is a priority and that the income of royal household has increased since 2007.