Queen pay cut due to austerity plan
London - British Treasury chief George Osborne says Queen Elizabeth II must be braced for a pay cut under the country's austerity measures.
Osborne said on Thursday that plans to be approved by lawmakers would see public funding to the royal family fall by about 9% by 2015.
Under new rules, the amount the queen receives to pay for salaries, palaces and functions would more closely reflect the state of the public finances.
"Basically, they will do as well as the economy is doing," Osborne said.
He said the current cost of funding the royal family was the equivalent of 51 pence per person each year.
Under Osborne's plan, the queen's household would receive an estimated £34m in the financial year 2013-2014.