'The next generation are going to have a very difficult time': 1991 video of the Queen and Ronald Reagan discussing economics over coffee goes viral as fans of The Crown go mad for vintage Royal clips

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This is the extraordinary moment the Queen and former president Ronald Reagan chatted candidly about the economic problems facing the West, while enjoying a party on the Royal Yacht Britannia.

Reagan and his wife Nancy had been invited aboard Her Majesty's yacht for a function with the Queen in 1991.

Despite the black tie nature of the event, their conversation, in which the Queen prophetically warns that the next generation will 'have a very difficult time', is very relaxed as they chat over a coffee. 

They were filmed for a BBC documentary, Elizabeth R: A Year in the Life of the Queen, discussing the perilous economic situation. The UK was suffering a recession primarily caused by high-interest rates, falling house prices and an overvalued exchange rate. The US had also been in recession the previous year, after the boom years of the late 1980s.

The footage was unearthed by student Tom Harwood in the United Kingdom. Vintage clips of the Queen have become popular on social media as fans of Netflix series The Crown seek out original footage of Her Majesty.

This is the moment the Queen Elizabeth II and former president Ronald Reagan discussed the problems faced by the next generation in the West

Reagan (left) and his wife Nancy (center) had been invited aboard Her Majesty's yacht, also known as the Royal Yacht Britannia, for a function with the Queen (right) in 1991

The footage begins with the former president asking if the coffee being served is decaffeinated. The Queen calls replies 'No, it's ordinary' before calling over a waiter to request some, then telling Mr Reagan 'We try our best. It's coming.' 

Their conversation then turns to economics.  Mr Reagan, who finished his second term as president in 1989, told the British monarch: 'Now if you’ve got two thirds... paying for the bureaucrats and give only one third to the needy people, something's wrong there.'

The Queen responded by saying that 'democracies are bankrupt' because of such policies.

'But you see all of the democracies are bankrupt now, because of the way the services have been planned for people to grab,' she told him.

A BBC documentary captured the moment the pair discussed the perilous economic situation facing the UK and US over a coffee 

Reagan, told the British monarch: 'Now if you’ve got two thirds... paying for the bureaucrats and give only one third to the needy people, something's wrong there'

'I know, we tried to get some of these things changed and reduce them,' said Reagan.

'For example, we have a rule to this day, that a supervisor's salary is based on the number of people he supervises,' he continued.

'Well now, you have a group of people that have no interest in reducing the payroll, even if they can, because it will reduce their salary.'

The Queen, who had hosted the event for Florida's grandest society including another former US president - Jimmy Carter - agreed.

'Obviously, yes. It's extraordinary, isn't it? I think the next generation is going to have a very difficult time.' 

While Reagan, who was around 80 years old at the time, appeared to carry on the conversation with ease, it is likely that he was already battling with the early onset of Alzheimer's.

Queen Elizabeth responded by saying that 'democracies are bankrupt' because of such policies

The monarch was also seen chatting to the then-First Lady Nancy Reagan

The 40th president of the United States was diagnosed with the degenerative disorder just three years later in 1994. He receded from political and public life and died at home a decade later aged 93. 

The brief clip of Reagan and the Queen also shows other guests at the party in conversation. Former President Carter is seen discussing setting off metal detectors at airports, 'due to the amount of metal they put in'. He says he has to carry a special card to explain it, although the footage unfortunately does not include a proper explanation. He had a heart pacemaker fitted in 2006. 

Countless former foreign leaders, celebrities and other high profile persons were invited aboard the Royal Yacht Britannia until it was decommissioned in 1997.

The Queen's son Charles and then-wife Diana even honeymooned aboard the boat in 1981. They famously divorced a few years later in 1986 after multiple affairs.

Her Majesty is said to have loved Royal Yacht Britannia, which she viewed as a country home at sea, and was often seen wandering the decks in an old headscarf and slacks. The royal apartments were filled with photographs of her family and heirlooms.

Britannia was commissioned for the Queen’s father King George VI, but he died before the keel could be laid. One of his daughter’s first acts on becoming monarch was to reject the designs for its royal apartments as too stuffy and opulent.

She opted instead for white-painted walls, mahogany woodwork and brass metalwork, with homely touches including chintzy sofas and armchairs.

‘The overall idea was to give the impression of a country house at sea,’ said Sir Hugh Casson, Britannia’s architect. ‘There was no question of her saying “That will do”. She had definite views on everything, from door handles to the shape of the lampshades.’

Other practical considerations included a garage for the Queen’s Rolls-Royce, and a knighting stool to be carried on all voyages.

Queen Elizabeth II and Prince Philip, Duke of Edinburgh entertaining then-President Ronald Reagan and Nancy Reagan on board HMY Britannia on a previous occasion on March 4, 1983 in San Francisco harbor, California 

On April 16, 1953, the Queen launched the yacht from Clydeside, UK, with a bottle of Empire wine. At 412ft long, and weighing nearly 6,000 tons, she was then the largest yacht in the world. 

The recession of the Nineties saw questions asked about whether Britain could afford the luxury of a Royal Yacht.

Tony Blair’s Labour Government decided to retire her in 1997, and she became a tourist attraction in  Edinburgh — where she still sits in the port of Leith.

WHEN BRITANNIA RULED THE WAVES 

Britannia was commissioned for the Queen’s father King George VI, but he died before the keel could be laid.

On April 16, 1953, the Queen launched the yacht from Clydeside, UK, with a bottle of Empire wine. 

At 412ft long, and weighing nearly 6,000 tons, she was then the largest yacht in the world. 

It's main task was to take the royals on the 968 official voyages she completed during more than a million miles and nearly 44 years of service.

A place to relax: The Queen smiles as she looks out to sea from the deck in 1972

HM The Queen and HRH The Duke of Edinburgh on board HMY Britannia in March 1972. Part of a series of photographs taken for use during the Silver Wedding Celebrations 

On these trips the Queen was accompanied by a retinue of up to 45 household staff, among them a hairdresser, surgeon and chauffeur. They took on board five tons of luggage, including the Malvern mineral water preferred for making the Queen’s tea and a set of mourning clothes in case of an unexpected death in royal circles.

Britannia was a ship of two halves. Forward of her central funnel lived the ship’s 20 officers and 220 yachtsmen, who worked under unusual constraints.

They would wear sneakers to avoid disturbing the royals and shouting and running were forbidden. 

As in all their residences, the Queen and Prince Philip slept in separate bedrooms. And like all the Britannia cabins, these had only single beds, presenting a challenge for honeymooning newlyweds.

When Princess Anne and Mark Phillips toured the West Indies following their wedding in 1973, they reportedly had their twin beds lashed together, while Prince Charles was rumored to have arranged for a double bed to be taken aboard for his honeymoon with Diana in 1981. 

Queen Elizabeth II, Prince Philip, Princess Anne and Prince Charles disembark from HMY Britannia prior to a banquet at Hakonshall in Bergen during a Royal Visit to Norway on 7th August 1969

A canvas swimming pool was occasionally put up for the children on the upper deck where the family would sunbathe, and Prince Philip would sometimes put up his easel to paint.

If they were near to shore, they might set up picnics on secluded beaches.

Dinner aboard each night began with drinks at 7.30pm. During every evening meal entertainment was provided by a 26-strong band of Royal Marines, and during state banquets the staff kept an eye out for official guests purloining the odd silver spoon or fork as a souvenir.

On other evenings, the royals retired to the drawing room, in one corner of which was a baby grand piano, bolted to the floor in case  of storms.

Over the years the ivories were tinkled by the likes of Noel Coward, and Princess Margaret also liked to take a turn, playing late into the night with a cigarette holder clenched between her teeth.

The Queen in a headscarf aboard Royal Yacht Britannia In Portsmouth in an undated photo

The end for the Britannia came in the Nineties recession when then Prime Minister Tony Blair decided to retire her in 1997.

She remains a tourist attraction in  Edinburgh — where she still sits in the port of Leith.

The moving decommissioning ceremony was the occasion on which Her Majesty famously cried in public for the first time — and her sadness was understandable.

In bidding farewell to Britannia, she was saying goodbye not just to a ship, or floating official residence, but also a much-loved home.

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