(Image Source: NASA)

BY ANDREW CARTER

ANCHOR LAUREN ZIMA

Queen Elizabeth II is nearing 60 years on the throne. The anniversary will be celebrated with a weekend of events called the Diamond Jubilee -- and planned gifts for the Queen include a £60 million yacht. The Guardian reports on Education Secretary Michael Gove’s idea.

"Michael Gove has brushed aside Britain's economic problems to propose the public donate a new royal yacht to the Queen as a mark of respect ... Gove at one point comes close to suggesting that Britain's dire economic climate means that a large-scale celebration is required to shift the country's spirits."

In a time of cutbacks and bailouts, Prime Minister Nick Clegg believes the £60 million gift -- that’s a little over $25 million -- is unrealistic. Sky News has words from Clegg.

"I suspect most people in the country would think that given that there is very little money around, that this probably isn't, wouldn't be at the top of their list of priorities of the use of scare, scarce, scarce resources."

Clegg shut down public funding of the yacht, so Gove says the gift should now be privately funded. Still the campaign may be rocky, according to the Telegraph’s Ed West.

“I have to say that in these times of financial austerity and belt-tightening, I would have imagined that a campaign to buy one of the world’s richest women a new pleasure boat would be a charity that might struggle.”

Queen Elizabeth may enjoy a new royal yacht, but Times Higher Education reports the National Union of Students proposed alternative spending for the £60 million.

“£9,000 university tuition fees for 6,500 students for one year; providing 45,000 students with the scrapped Education Maintenance Allowance for a year ... £1,000 bursary element of the National Scholarship Programme by two years for 30,000 students.”

But the BBC reports private funding for the gift may be successful. The network spoke with the business secretary for the Shadow Cabinet -- the leadership of the Labor party.

“The idea of the private sector essentially contributing to this gift for her majesty and the country I suppose, and I”m sure there would be many people in the country who may consider to donating to such a fund.”

And an interview with England’s First Secretary of State puts the Queen’s last 60 years in perspective.

“I think people will want to reflect on that as well and they will do that in many weird, wonderful, and wise ways.”

The Diamond Jubillee weekend will take place in June, before the start of the London Olympics.