EUROPEAN ECONOMY

News

The economic situation has gotten so tight in Europe, that the Queen of England may soon be taking a pay cut and be forced to tighten her belt on future parties and lavish public events.

A newly approved British law expected to reduce her income over the next few years. The new legislation passed into law a few weeks ago offers a new arrangement, the Queen receives 15 percent of the profits made over two years from the Crown Estate, whose portfolio includes Regent Street, Windsor Great Park and more than half the country's shoreline.

Last year, the old calculation netted royal revenues of around £32.1m--down more than half from the £77.3m high-water mark that the Crown Estate enjoyed during the boom years of 1991-92. Not such a jolly good holidays this year.