Queen Elizabeth II may have to move out of Buckingham Palace to allow the much-needed renovations to the residence. The palace requires new plumbing, wiring, removing asbestos and the palace has not been decorated since she took the throne in 1952. And for this renovation, the palace needs an estimated 150 million pounds ($237 million).
Having her move out during the work is the one option that is being considered. Although the queen has several other residences, she almost spent a third of her time in the London palace. Summer garden parties and scores of ceremonial events are held in the palace. It was first used by her ancestor Queen Victoria.
BBC News reported, the Buckingham Palace needs an estimated cost of 150 million pounds for repair work. The oldest parts of the palace were built in 1703, the electrics were installed in 1949, and in the year 1952 was the last decoration of the state rooms. The asbestos that was removed last year cost 300,000 pounds based on the Sovereign Grant Annual Report.
According to Alan Reid, Keeper of the Privy Purse, the maintenance of the aging royal buildings, "and in particular Buckingham Palace, will present a significant financial challenge in the next few years."
Yahoo News added that the monarchy costs taxpayers 35.7 million pounds in the year to March 31 that is equivalent to 56 pence per person which was still unchanged from the year before. And 18.7 million pounds, which was almost half the money was spent on payroll costs, while the property maintenance costs 11.7 million pounds and 5.1 million pounds was spent on official travel. The most expensive trip which was recorded was an eight-day visit of Prince Charles and his wife Camilla to Colombia and Mexico costs almost 450,000 pounds.
The queen at the age of 89 has cut back on her public duties, but still undertook 196 public engagements during the year. A three-day visit to Germany has been made by the queen along with Prince Philip. They started the tree-day visit on Wednesday at Berlin.
