The global austerity trend is reaching even the highest ranks of society as reports are circulating that the Queen of England will be facing a squeeze in her budget.
Due to the wrath of the global economic crisis, 85-year-old Queen Elizabeth II will be experiencing a dip in her bank account for the next several years due to an authorized pay freeze expected to last through at least 2015.
The pay freeze comes as a result of new austerity measures being implemented by the British government in an attempt to balance England’s bulging budget.
Under the new measure, the queen’s income will be falling to around $50 million (32.1 million pounds), substantially down from the high-water mark of $120.6 million (77.3 million pounds) that the royal estate received between 1991-92.
“We must apply the same financial discipline as we apply to the poorest in society to those who are in the royal family,” said Labour Party member Paul Flynn.
The pay cut will likely result in less public appearances for the royal family and reports are circulating that Prince Charles will now have to foot the bill for providing staff to the ultra-famous Duke and Duchess of Cambridge.
Although the Queen is not likely to suffer hunger pains over the pay freeze, the move is indicative of the budget crisis that many European governments are currently facing due to the global economic crisis.
The British government is making plans to cut back a total of $130 billion (81 billion pounds) in public expenditures to curb the country’s deficit.