Royal family funding to almost double to cover £369m Buckingham palace repair bill

The Royal Family is getting extra money from the Government.

The Queen’s annual Sovereign Grant will almost double to £369m over the next decade.

But the bump isn’t because Number 10 thinks the monarchy has been doing such a stellar job.

Instead the money will fund renovation work on Buckingham Palace.

‘The 10-year phased refit will address the essential building services on which the palace depends,’ a palace statement said.

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



years.

‘An independent specialist report concluded that without urgent work there is a risk of serious damage to the palace and the precious Royal Collection items it houses from, amongst other scenarios, fire and water damage.’

The decision was made following a review, which was attended by several parties including the prime minister and three Royal trustees.

The Sovereign Grant, which is a yearly allowance given to the Royal Family, will rise from 15% to 25%.

The cash is generated via the crown estate, which is property owned by the Queen.

The Treasury gets to keep most of the profits.