Buckingham Palace to receive £369m for ‘urgent repairs’ but the Queen won’t move out
The Government confirmed it would wave through an increase in the Sovereign Grant in a 10-year repair job
BUCKINGHAM PALACE is to receive £369m for "urgent repairs" to the estate but the Queen won't move out while it takes place.
The Government confirmed it would wave through a rise in the Sovereign Grant in a 10-year repair job.
The refit is described as "essential" and "cost-effective" and will include replacing boilers, miles of cables, pipes and electrical wires.
The work will begin next April, if it is approved by MPs.
When the work is complete in 2027, the Sovereign Grant will be reduced back down to its current level of 15%, a review by the Royal Trustees - Prime Minister Theresa May, Chancellor Philip Hammond and Keeper of the Privy Purse Sir Alan Reid - recommended.
Master of The Queen's Household Tony Johnstone-Burt said the refurbishment would ensure the palace is "fit for purpose" until 2067 and would cut down its carbon footprint.
He said: "We take the responsibility that comes with receiving these public funds extremely seriously indeed; equally, we are convinced that, by making this investment in Buckingham Palace now, we can avert a much more costly and potentially catastrophic building failure in the years to come."
It is estimated that the benefits of the upgrade, including longer summer opening hours, more private tours and savings due to the improvements, could be around £3.4 million each year.
An independent specialist report concluded that without urgent work there is a risk of serious damage to the palace and the Royal Collection.
Major events that take place at the palace such as state visits and garden parties, will not be affected.
When in town, The Queen holds weekly audiences with the Prime Minister, and every year welcomes more than 50,000 people as guests to state banquets and dinners.
The palace has 775 rooms in total, which includes 188 staff bedrooms and 92 offices.
A statement from the Palace said: "The estimated capital cost of £369m will be funded by a temporary uplift in the Sovereign Grant , from 15% to 25% of Crown Estate net income, as recommended by the Royal Trustees in their Review of the Sovereign Grant, published today (Friday 18th November).
"This figure will be reduced to £222m once benefits, efficiencies and inflation adjustments are taken into account."
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