Recession affects British Queen

The global economic slowdown has not spared British Queen Elizabeth II as the value of her private estate fell by £75 million in 2008-09 due to a crash in property and investment markets. The Queen lost almost £75 million as her estate’s value went down to £322 million. However, the income the Monarchy received from the Duchy, which is used to fund her public and private activities, increased by 5.4% from £12.6 million to £13.3 million. “We have suffered a substantial fall in the capital value of our assets during the year, principally in the commercial property and financial investment portfolios, Lord Shuttleworth, chairman of the Duchy’s council, said in a statement on Thursday.