Buckingham Palace has tonight confirmed that the Queen™ has signed a new sponsorship deal under the Private Finance Initiative as part of a strategy to reduce the cost of the monarchy.

The deal, said to be worth more than £200 million per year, is thought to be in response to increasing public concern at the high cost of maintaining the monarchy.

The Royal Family^® and all crown assets are currently paid for by the taxpayer. The Queen™ is just the latest public asset to be financed through New Labour's Public-Private Finance Initiative. The PFI scheme, which has been rolled out across healthcare trusts and city academy schools, uses money from the private sector to bolster public spending.

As part of the sponsorship deal, Buckingham Palace will install a neon advertising sign on its famous facade which is viewed by millions of tourists every year. In addition, the Queen™ is now contractually obliged to sip a can of 7up during her annual Christmas television message, and must smoke Marlboro cigarettes during all State occasions.