The British queen is down to her last pennies. Well, actually, her last millions of pennies. Last month, the Public Accounts Committee — Parliament’s watchdog on public spending — published a damning survey of the state of the royal finances. The queen had spent down her “reserve fund,” a savings account built up by years of surplus public subsidy, to “a historically low level” of only £1 million ($1.6 million), from £35.3 million in 2001.
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