The Hindu : Front Page : British Queen loses £25 million in credit crisis

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Monday, Nov 10, 2008
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British Queen loses £25 million in credit crisis

— PHOTO: AP

Queen Elizabeth II. A file photo.

LONDON: The global financial turmoil has hit Britain’s Queen Elizabeth II, with the royal losing an estimated £25 million of her personal fortunes in the credit crunch.

According to a report in The Sunday Telegraph, the Queen, who paid a visit to the London School of Economics last week, had a briefing from professors on the economic meltdown.

Her question on the large hole in the international economic system had the pleasing incisiveness of an astute child’s: “Why did nobody notice it?”

“Awful”

The Queen described the turbulence on the markets as “awful.”

“The Queen asked me, ‘If these things were so large, how come everyone missed them’,” Professor Luis Garicano, Director of Research at the LSE’s Management Department, was quoted as saying by the British media.

Explaining the origins and effects of the credit crisis, Garicano told the Queen: “At every stage, someone was relying on somebody else and everyone thought they were doing the right thing.”

Like homeowners across Britain, the Queen has faced escalating prices for fuel, food and home repairs which have seen the costs of carrying out her duties double.

Estimation

In April, the Queen’s private wealth was estimated to be £320 million by Forbes magazine, which included a personal investment portfolio valued at £100 million. — PTI

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