Back in June, my colleague Deidre Woollard first reported that the Queen of England was in the market for a new private jet. Now the London Sun reports that her budget for the plane, the first intended solely for her own use in her 50-year-reign, has been set at $12.5 million.

Since that's several million shy of the price of a Gulfstream IV, an appropriate aircraft for a head of state, we consulted an expert as to what she should spend the money on. Adam Katz, founder / owner of luxury private jet charter and management service Talon Air, says for that kind of money she may have to consider pre-owned.

"She should buy a late model midsized aircraft like a Hawker 850," Katz tells Luxist, "because it has had its roots in England for more than 50 years. The Hawker 850 is exquisitely efficient and low in cost to operate. It can fly for six hours with eight passengers; it's ultra luxurious, tried and true. The $12.5 million can buy her an almost new Hawker 850 and will serve her very well." Katz recently took delivery of the first Hawker 4000 super-midsized business jet for commercial service to add to Talon Air's burgeoning fleet.

Gulfstream has announced their fastest business-class jet ever. The new G650 jet can fly nearly as fast as the speed of sound, .85 Mach and is their biggest plane to date. It will have a nautical range of 7,000 nautical miles meaning it can fly nonstop from Los Angeles to London. The plane will cost $59.5 million and is aimed at the highest end of the private jet market. The Savannah, Georgia-based company plans to begin test flights next year and will start deliveries in 2012.

Need to get someplace in a hurry? Forbes has your back.

Planes made by Dessault, Cessna and Gulfstream offer luxury and speed, most of them traveling at speeds above Mach 0.9 while providing an internet connection and TVs pumping DVD playback or a satellite steam. The Cessna Citation X tops the list, hitting Mach 0.92 and climbing to 43,000 feet in just 30 minutes, followed by planes such as the Gulfstream G550 and G450, which offer perks ranging from lighting sensors to security systems.

On the big commercial passenger jet side, the Boeing 747-8, part of Lufthansa and Emirates Airlines fleets and the Boeing 777, flying for British Airways and airlines, fly at speeds of 650 miles per hour while seating a whopping 400 people or more.

Click through to see a slideshow of the world's fastst passenger jets.

[Source: Forbes]