Queen Elizabeth Pay Freeze

Nick Watt explains why the royal family is being forced to cut back their costs.
1:58 | 12/05/11

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Transcript for Queen Elizabeth Pay Freeze
You may take some comfort knowing that even royalty are forced to pinch pennies in these tough times that's right Queen Elizabeth right there. Is feeling the squeeze in this morning we're learning just how many pounds yes -- -- And -- British taxpayers refusing to pay for ABC's nick -- has the details from 1 to good morning neck. Good morning George what -- these tough times it's only fair that we'll share in the pain and here in Britain the pay is going all the way to the top. The queen has just been hit with a two year pay freeze. The royals are feeling the pinch they can't afford repairs today it. Crumbling palaces -- shops on main street with the rest of us she's recycling and it. And so is the queen -- also asked for help to pay the utility bills. The queen is very true and that it is sort of -- that's -- -- the -- walks around the palace at certain times of the day switching off lights. Queens renting at saint James is Protestant corporate -- numbers during the Olympics it's bats or cut down on public appearances. And we just heard Prince Charles has to foot the bill for William and Kate the royal superstars with their global travel and may be a new AB. Granddaddy we'll have to dig deep into the pockets -- Exquisitely. Tailored suits. This bill would saying these people. -- and ominously the queen taking paying guests to stay overnight but perhaps not gonna see any pain gets moving into Buckingham Palace and who no matter how much money they've got. Before you -- feeling sorry for the old queen imagining heard a -- -- drinking miserly measures of -- She just dropped nearly 800 -- bucks. On the new horse. And the queen still gets more than fifty million dollars a year from the British government but the for the economy wobbled she got more than. A hundred million years said it's all relative and you know what the ladies and waits in the senate by as the -- -- George. It all adds up. I guess as 151000 dollar horses -- nick thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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