The works are being carried out because of ageing cables, lead pipes, wiring and boilers that are of a substantial risk of starting a fire owing to their age. The government, nor indeed anybody, wants a repeat of the 1992 fire that gutted Windsor Castle.
The Master of the Queen’s Household, Tony Johnstone-Burt, said that the refurbishment work has taken into account the best value for money.
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.”
Despite the hefty costs, it is thought once he refurbishments are completed, much more money will be generated into the British economy. This would be through longer summer opening hours, more private tours and savings from maintenance work the palace currently has to spend.
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.
“This figure will be reduced to £222m once benefits, efficiencies and inflation adjustments are taken into account.”