Britain's Queen Elizabeth II is saluted
Britain's Queen Elizabeth II is saluted as she leaves The Guildhall in Windsor, England. November 29, 2013. Photo by AP
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Queen Elizabeth of England is "down to her last million" and her palaces are crumbling, according to an article in The Telegraph newspaper on Tuesday.

A report by a parliamentary committee found that the Queen’s advisers were failing to control her finances and had overspent to such an extent that her reserve fund had fallen from £35 million (202 million shekels) in 2001 to just £1 million (5.8 million shekels) today.

Members of parliament on the committee said the Treasury must “get a grip” and help to protect the royal palaces from “further damage and deterioration”.

The Royal household had made efficiency savings of just 5 percent over the past five years, compared with budget cuts of up to a third in government departments, the committee reported.

Buckingham Palace and Windsor Castle are reported to be in urgent need of repair, with staff catching rain in buckets to protect art and antiquities and antiquated boilers contributing to bills of £774,000 (4.5 million shekels) a year.