Queen to run out of funds by 2012

London, June 30 (ANI): An annual account of the Royal Household's expenditure has revealed that Queen will run out of funds by 2012, her Diamond Jubilee year, unless the government increases the Civil List.

The Civil List, which pays for the running of the Royal Household, has not increased in the last 20 years, and at the moment any request for an increase in funds would be difficult to tackle, as UK is suffering from the global economic crisis- the worst since the Second World War.

The newly published accounts reveal that the total cost of keeping the monarchy during the last financial year has increased by 1.5 million pounds to 41.5 million pounds, the Telegraph reports.

It also revealed that the Queen raided the reserve fund by 6 million pounds to supplement the Civil List.

A breakdown of the figures has revealed that 9.9 million pounds went on salaries, administration 1.5 million pounds, housekeeping and furnishings 700,000 pounds, ceremonial functions 400,000 pounds, 1.1 million pounds on catering and hospitality, 600,000 pounds on the garden parties which were attended by 50,000 people.

"I think that both sides will enter discussions about a new Civil List by trying to find a way forward. The ambition will be to maintain head of state expenditure at current levels in real terms which will require an increase in the Civil List," an official from Buckingham Palace.

If the Queen continues to draw reserve funds at the current rate, she will run out of funds by the start of 2012. The reserve, which had around 35 million pounds at its peak, has now diminished to 14 million pounds. (ANI)