Who pays for Buckingham Palace repairs?.
There are reports that Buckingham Palace needs £369m of essential repairs.
Some say these repairs should be paid by the Queen, while others say it should be paid by the Government.
Who OWNS Buckingham Palace?
The Crown Estates owns Buckingham Palace and therefore is the body that should theoretically pay for the repairs.
Who owns The Crown Estate?
The Crown Estate belongs to the reigning monarch ‘in right of The Crown’, that is, it is owned by the monarch for the duration of their reign, by virtue of their accession to the throne. But it is not the private property of the monarch – it cannot be sold by the monarch, nor do revenues from it belong to the monarch.
The Government also does not own The Crown Estate. It is managed by an independent organisation – established by statute – headed by a Board (also known as The Crown Estate Commissioners), and the surplus revenue from the estate is paid each year to the Treasury for the benefit of the nation’s finances.
The monarchy currently receive 15% of Crown Estate profits with the remaining 85% going to the Government treasury.
The 10 year refurbishment plan is due to be funded by an increase in the annual Sovereign Grant, from £43m to £71m.
So, the repairs will effectively be paid by the Crown Estate, who also benefit in the increased capital value, but would mean that the Government receive a smaller percentage of profits during that time.
A drop from maybe £300m per year to £270m. The Monarchs share is currently £43m.
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