A stream of consciousness beginning with family history research, then to looking for a regimental history forum, then finding one and bumbling around looking for various regimental museums, found the (excellent)QDG website (not the one I was looking for), and, like the curious animal I am, when I saw the name Queen's BaysI read the regimental history, as an old boy who drank in the pub I used to work in was in the Bays.
Anyway, it just seemed odd. A lucky escape, perhaps, but odd.
To cut a long story short, both founding regiments were formed as Regiments of Horse in 1685.
In 1746, as a government costcutting exercise, they were reduced in status to Dragoons, however there was such an outcry that the Guards bit was added as a sop to their dignity.
As far as I know they were'nt given the money back though.