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Queen's party 'cancelled due to credit crunch'

The credit crunch has claimed an unlikely new victim: the Queen, who has reportedly changed plans for a lavish anniversary party.

Concerns over throwing the diamond wedding celebration while millions struggle to pay of credit cards has led to the monarch cancelling the event, the Daily Mail reports.

Home loans and personal loans firms are currently raising rates and tightening lending criteria in the wake of the global financial crisis.

The Queen is said to feel that the party is "inappropriate" in the circumstances, an un-named friend said.

"There has been a lot of talk since December that everyone in Britain is tightening their belts," they added.

Originally, the celebration had been planned for this November, at London's Ritz hotel near Buckingham Palace - and would have included jewelled tablecloths and crystal-studded bottles of champagne.

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