Buckingham Palace: Repairs and Maintenance

Treasury written question – answered at on 29 October 2020.

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Photo of Lord Adonis Lord Adonis Labour

To ask Her Majesty's Government what is the latest cost estimate for the refurbishment of Buckingham Palace.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The reservicing of Buckingham Palace, which includes replacing the ageing core services of the Palace to eliminate the very real risk of fire or flood, is a ten-year programme started in 2017 with an agreed maximum budget of £369 million.

The official business of The Queen, including the current reserving of Buckingham Palace, is primarily funded through the Sovereign Grant. This is paid from the Consolidated Fund, but calculated by reference to The Crown Estate's profits (currently set at 25%). In return, The Crown Estate's revenue profits are paid into the Consolidated Fund.

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