A scene from “Unfinished Business”

Queen Elizabeth II: I am aware the comparison between Queen Victoria and me has been made recently in the newspapers and intended as criticism. What people fail to understand is, I see any similarity with Queen Victoria as a compliment. Attributes people use to describe her, constancy, stability, calm, duty, I would be proud to have describe me. And speaking of the royal yacht, it has now become clear that a small refit, a teeny-tiny little refreshment and refurbishment, is required to keep her in tip-top shape. I am aware the costs for its maintenance are borne by the government, not by the Palace, and so here I am, coming to you, Prime Minister. On bended knee. For the sign-off. But I'm hoping that will be a formality.

John Major: I'm just mindful that, before she left office, Mrs. Thatcher bequeathed the Palace an extremely generous civil list settlement. A deal that leaves the royal family richer than ever before. Given that this deal was designed precisely to forestall any awkward public debate on royal spending, I feel bound to at least raise the question of whether there's a way you might consider bearing the cost yourselves. It's just, with the royal yacht being perceived as something of a luxury, there is a danger the Palace could be seen to be asking for too much.

Queen Elizabeth II: But she isn't a luxury.

John Major: Isn't she?

Queen Elizabeth II: Prime Minister, there has always been a royal yacht, going all the way back to King Charles II. She is a central and indispensable part of the way the Crown serves the nation. And the revenue she has generated doing so is incalculable.

John Major: But we're in the midst of a global recession. Each penny of public spending is closely scrutinized. I worry that the government spending public money on the refurbishment of a lu... of a yacht might backfire. On us both.

Queen Elizabeth II: When I came to the throne, all my palaces were inherited. Windsor, Balmoral, Sandringham. They all bear the stamp of my predecessors. Only Britannia have I truly been able to make my own. Perhaps for that reason, the connection between me and the yacht is very much deeper than a mode of transport or even a home. From the design of the hull to the smallest piece of china, she is a floating, seagoing expression of me. I hope we can agree that, as sovereign, I have made very few requests, let alone demands, in return for the service I have given this country. Perhaps the reason I have held back is in the hope that when I actually do, people don't just take it seriously. They do as I ask without question. So, I would like this government's reassurance, your reassurance, that the costs for the refurbishments will be met, and for you to inform me as soon as the arrangements are in place.