1. Savings

    British Royal Family Has Budget Cut

    Britain's Queen Elizabeth II with Prince Philip arrive by horse drawn carriage in the parade ring on the third day, traditionally known as Ladies Day, of the Royal Ascot horse race meeting at Ascot, England, Thursday, June, 16, 2011. Ascot  is celebrating its 300 years of horse racing at the Royal Racecourse, that began with Britain's Queen Anne spotting an open heath suitable for racing, the first race run in August 1711, with a prize of some 100 guineas.

    Alastair Grant / AP Photo

    Not even the Queen is safe from England's austerity measures. New legislation will subject the Queen's finances to the same detailed audit as other government departments, while reducing her budget by 10 percent in the next four years. The law also allows the Duke of Cambridge's heir to be female, a title that previously went only to males. Critics say the new law could rob the royals of their dignity. "When we say we want 'a good value monarchy', it makes Her Majesty sound like she's something to be bought off the shop shelf at Tesco," said a Conservative MP. Proponents say the law balances the dignity of the royals with fairness to tax payers.

    Read it at The Telegraph