The Queen is talking to an advisor about HE fees and commenting about saving on fees by going to a Scottish University, (Prince William was attending St Andrews at the time).
Royalty Fees Higher Education cartoon Queen University
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Cartoon by Bob Pomfret, copyright Oxford Brookes University. This work is licenced under a Creative Commons Licence: Attribution-Non-Commercial-No Derivative Works 2.0 UK: England & Wales - see http://creativecommons.org/licenses/by-nc-nd/2.0/uk