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Bankrupt Prince Harry Shaves for Engagement Rumors? WATCH Princess Kate 'My Fair Lady' Appearance [VIDEO]

Rumors are always flying about the royal family, who recently announced that they may be headed towards bankruptcy. Following Prince Harry shaving his beard, many are suggesting that the prince may be planning on getting engaged. In other royal news, a video recently surfaced that shows a young Princess Kate appearing in My Fair Lady. You can watch the video below.

Calm down, conspiracy fans. It appears that Prince Harry shaving has nothing to do with his alleged engagement to Cressida Bonas.

In fact, it has everything to do with the Queen, according to Star. The trashy tabloid told readers that Big Liz did not approve:

"Queen Elizabeth II let it be known that she was not particularly pleased with the look her grandson, Prince Harry, brought back from his recent South Pole expedition, a charity trek to benefit wounded soldiers...Ever loyal, Harry, 29, made grandma proud by shaving the beard Jan. 21."

This isn't the only reason the royal family finds themselves in the news. It was revealed earlier in the week that the Royal's financial reserves are quickly depleting.

Despite having nearly $60 million back in 2001, the amount has dropped to an astonishing $1.6 million. Margaret Hodge, chair of the Public Accounts Committee, explains what the family can do to improve:

"The household needs to get better at planning and managing its budgets for the longer term--and the Treasury should be more actively involved in reviewing what the household is doing."

In a bit of happier news, a video recently surfaced showing an 11-year-old Princess Kate acting in My Fair Lady.

What did you think about the clip? Is Kate a convincing Eliza Doolittle?

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