The Buckingham Palace undertakes an extensive facelift so the payouts from the state are anticipated to remain at the raised levels for 10 years. The staff has to replace the 60 years old wiring and pipes, the visitor access will also be improved. Beside all these improvements the design and exterior of the 775-room London Palace will remain the same.
The U.K. Treasury said last year that “The project seeks to prevent a serious risk of fire, flood, and damage to both the building and the priceless Royal Collection of art belonging to the nation.”
The Crown Estate consists of prime real estate, farms, and coastlines that engender hundreds of millions of pounds each year, and most of the money ends up in the government treasuries. And a portion is given back to the Queen and her family each year in the self-governing grant. And the Queen uses this money as her expense account, covering the costs of travel, security, staff, and the upkeep of the royal palaces.
The other ways of earnings of the Queen are from Duchy of Lancaster, a private estate of commercial, agricultural and residential properties that date back to 1265. Her estimated earnings are $1.1 million from this estate and from last year she rented out the palace space. And this income which is earned by the Queen is used to cover the official expenses.
The millions of the money rolling each year but the Queen is not able to save much. Most of the money by her is spend on the staff and property preservation. In the last year, only $1.1 million was left over. The excess was placed in the “Sovereign Grant Reserve” this is the fancy name for the royal rainy-day fund.
The official Keeper of the Privy Purse, Sir Alan Reid said that £42.8 million state grant to the Queen in the last fiscal year equated out to 65 pence per person in the U.K.
He said on Tuesday “When you consider that against what the Queen does and represents for this country, I believe it represents excellent value for money.”