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Buckingham Palace to get £369m TAX Funded refurbishment

Buckingham Palace to get £369m TAX Funded refurbishment
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Buckingham Palace is to undergo a 10-year refurbishment costing the taxpayer £369m, the Treasury has announced.

Miles of ageing cables, lead piping, electrical wiring and boilers will be replaced, many for the first time in 60 years.

Funding for the Royal Family will increase over the next 10 years to fund an urgent multimillion-pound renovation of Buckingham Palace.

The palace has 775 rooms, including 19 state rooms, 52 royal and guest bedrooms, 188 staff bedrooms, 92 offices and 78 bathrooms.

A major refit costing £369m is needed to "future-proof" the royal residence, officials said.

The Government has agreed to pay the Queen more money - an increase of 66% in her annual sovereign grant - to cover the costs.

The Royal Trustees, who include the prime minister and chancellor, recommended that the works be funded by a temporary increase in the Sovereign Grant by a temporary 10-year uplift in the Sovereign Grant, from 15% to 25%.

The Sovereign Grant is the allowance provided by the Government every year to fund the Queen in her official duties.

The money comes through the crown estate, a portfolio of land and buildings which belong to the monarchy but cannot be sold by them, and the profits go to the Treasury.

The Queen was previously given back 15% of those profits but under the new agreement this will increase to 25%..

Last year, that amounted to £40.1m, or 62p for every person in the UK.

Pointing to the damage Windsor Castle had suffered from a fire in 1992, the Treasury said: "The restoration took more than five years, and it is estimated that similar damage to Buckingham Palace could cost up to £250m for a single wing."

According to the Royal Household, the palace's boilers are more than 33 years old and spare parts for them are difficult to source.


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