The Queen has asked economists: "Why didn't anyone see the credit crunch coming?"
Today she revealed her concern during an academic briefing on the financial crisis at the London School of Economics where she opened its £71million New Academic Building.
She is the first monarch to visit the institution since her grandfather King George V in 1920.
Whilst there, the popular monarch was greeted by hundreds of flag-waving well-wishers.
'It's awful': 'Why didn't anyone see the credit crunch coming?' Queen asks economists
By Sam Greenhill
05th November 2008
Daily Mail
The Queen at the LSE today. After a briefing on the origins of the credit crunch, she said the situation was 'awful'
Even the Queen has been hit by the credit crunch, but until now she has maintained her usual royal silence.
That ended abruptly today when she branded the crisis 'awful' and demanded to know why no one had seen it coming.
With typical understatement, she asked how come, since the meltdown was so massive: 'Why did nobody notice it?'
With billions wiped off shares worldwide and household costs soaring - including her own at Buckingham Palace - the Monarch came as close as she ever gets to expressing frustration.
Last month it was revealed she is to ask the Government for more money to cover her rising costs as Head of State.
Today she revealed her concern during an academic briefing on the financial crisis at the London School of Economics where she opened its £71million New Academic Building.
Professor Luis Garicano, director of research at the LSE's management department, said: 'The Queen asked me: "If these things were so large, how come everyone missed them?"'
It is a question that will resonate with ordinary families baffled at why politicians, bankers and City experts all failed to spot the financial storm on the horizon.
Explaining the origins and effects of the credit crisis, Prof Garicano said he told the Queen: 'At every stage, someone was relying on somebody else and everyone thought they were doing the right thing.'
The Queen then described the situation as 'awful'.
Like homeowners across Britain, she has faced escalating prices for fuel, food and home repairs which have seen the costs of carrying out her duties double. Her taxpayer-funded Civil List payment of £7.9million has not increased in almost 20 years, and is not due to be renegotiated until 2010.
The Queen, who famously switches off lights at Buckingham Palace to save electricity, faces a shortfall of several million pounds a year which is currently being plugged by her £35million reserves.
But courtiers point out this will not last for ever and will ask for her entitlement to rise. They have firmly denied the Queen is facing a 'cash crisis'. Royal courtiers are to request more cash in the Civil List when it comes up for renegotiation in three years.
The Department of Culture, Media and Sport recently rejected a request for extra funds to repair crumbling royal palaces, estimated to require £32million of essential maintenance.
The Queen receives the majority of her funding through the Civil List as well as 'grants in aid' for the upkeep of palaces and travel. She also benefits from a portfolio of investments managed by the Duchy of Lancaster.
The Queen and Duke of Edinburgh attend a lecture during their visit. While the Queen listens intently, her husband appears to be having a quick nap
Some 70 per cent of her Civil List revenue is spent on staff salaries. The rest goes on entertaining.
The current figure of £7.9million per annum was agreed in 1990 and Tony Blair's government refused to sanction an increase ten years later.
Last week it was estimated that the total credit crunch losses at international financial giants could reach an eye-watering £1.8trillion. The grim report came as Britain's economy was valued at just £7trillion at the end of 2007.
Today, dressed in a speckled cream suit and matching hat, and accompanied by the Duke of Edinburgh, she was greeted by students, tourists and cheering schoolchildren waving Union Flags outside the LSE.
It was her first visit there, and the first visit by a British Head of State since George V laid the foundation stone of the Old Building in 1920.
Today she revealed her concern during an academic briefing on the financial crisis at the London School of Economics where she opened its £71million New Academic Building.
She is the first monarch to visit the institution since her grandfather King George V in 1920.
Whilst there, the popular monarch was greeted by hundreds of flag-waving well-wishers.
'It's awful': 'Why didn't anyone see the credit crunch coming?' Queen asks economists
By Sam Greenhill
05th November 2008
Daily Mail
The Queen at the LSE today. After a briefing on the origins of the credit crunch, she said the situation was 'awful'
Even the Queen has been hit by the credit crunch, but until now she has maintained her usual royal silence.
That ended abruptly today when she branded the crisis 'awful' and demanded to know why no one had seen it coming.
With typical understatement, she asked how come, since the meltdown was so massive: 'Why did nobody notice it?'
With billions wiped off shares worldwide and household costs soaring - including her own at Buckingham Palace - the Monarch came as close as she ever gets to expressing frustration.
Last month it was revealed she is to ask the Government for more money to cover her rising costs as Head of State.
Today she revealed her concern during an academic briefing on the financial crisis at the London School of Economics where she opened its £71million New Academic Building.
Professor Luis Garicano, director of research at the LSE's management department, said: 'The Queen asked me: "If these things were so large, how come everyone missed them?"'
It is a question that will resonate with ordinary families baffled at why politicians, bankers and City experts all failed to spot the financial storm on the horizon.
Explaining the origins and effects of the credit crisis, Prof Garicano said he told the Queen: 'At every stage, someone was relying on somebody else and everyone thought they were doing the right thing.'
The Queen then described the situation as 'awful'.
Like homeowners across Britain, she has faced escalating prices for fuel, food and home repairs which have seen the costs of carrying out her duties double. Her taxpayer-funded Civil List payment of £7.9million has not increased in almost 20 years, and is not due to be renegotiated until 2010.
The Queen, who famously switches off lights at Buckingham Palace to save electricity, faces a shortfall of several million pounds a year which is currently being plugged by her £35million reserves.
But courtiers point out this will not last for ever and will ask for her entitlement to rise. They have firmly denied the Queen is facing a 'cash crisis'. Royal courtiers are to request more cash in the Civil List when it comes up for renegotiation in three years.
The Department of Culture, Media and Sport recently rejected a request for extra funds to repair crumbling royal palaces, estimated to require £32million of essential maintenance.
The Queen receives the majority of her funding through the Civil List as well as 'grants in aid' for the upkeep of palaces and travel. She also benefits from a portfolio of investments managed by the Duchy of Lancaster.
The Queen and Duke of Edinburgh attend a lecture during their visit. While the Queen listens intently, her husband appears to be having a quick nap
Some 70 per cent of her Civil List revenue is spent on staff salaries. The rest goes on entertaining.
The current figure of £7.9million per annum was agreed in 1990 and Tony Blair's government refused to sanction an increase ten years later.
Last week it was estimated that the total credit crunch losses at international financial giants could reach an eye-watering £1.8trillion. The grim report came as Britain's economy was valued at just £7trillion at the end of 2007.
Today, dressed in a speckled cream suit and matching hat, and accompanied by the Duke of Edinburgh, she was greeted by students, tourists and cheering schoolchildren waving Union Flags outside the LSE.
It was her first visit there, and the first visit by a British Head of State since George V laid the foundation stone of the Old Building in 1920.
