LONDON – Buckingham Palace, the official residence of Queen Elizabeth II in the United Kingdom, will undergo a 10-year renovation, estimated at 369 million pounds ($455.5 million), the Royal House reported on Friday.
The 90-year-old queen is to reside in the palace while it undergoes these works, which are considered essential and include changing pipes and electric cables.
The renovation will begin next April, provided it is approved by the Parliament.
The funds for this work will come from a 66 percent increase in the sovereign grant – the funding formula under which the Queen normally receives 15 percent of the annual profit from the crown estate.
When the work is completed, in 2027, the Sovereign Grant will return to the current level of 15 percent, according to a recommendation made by British Prime Minister Theresa May, Economy Minister Philip Hammond and other officials.
Master of the Royal Household Tony Johnstone-Burt reported Friday that this renovation will ensure the palace does not have problems until 2067.