In U.K., Even Royals Feel the Budget Squeeze

As the British government embarks on a massive effort to slash spending, even Queen Elizabeth is sharing the pain.

The royal household's spending will be cut by 14 percent in 2012-2013, and taxpayer-funded cash grants to the household will be frozen, Reuters reports.

"The household obviously has some challenging times ahead, like many areas of government," a Buckingham Palace spokesman said.