When she was crowned 60 years ago, the Queen's annual stipend received from the Duchy of Lancaster was £110,000. Last year, the Duchy paid out £13.3m of its income to the Privy Purse, which is used to fund the activities of the Queen and a number of other working royals. Not even the Queen is immune to the withering effects of austerity. But she is a little more insulated than the man on the street. Her income last year was virtually unchanged from the previous year, reflecting the tough economic times we are living through. But how does she come by this income? And who invests on Her Majesty's behalf? We met the chief executive of the Duchy of Lancaster, Paul Clarke, to find out more.