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Queen 'could move out of Buckingham Palace' Queen 'could move out of Buckingham Palace'
(about 2 hours later)
The Queen may have to move out of Buckingham Palace to allow maintenance work costing £150m to be carried out.The Queen may have to move out of Buckingham Palace to allow maintenance work costing £150m to be carried out.
It is one option being considered by the royal household, which says the upkeep of the London palace is now a "significant financial challenge". It is one option being considered by the royal household, which says the palace needs new plumbing and wiring and has not been decorated since 1952.
It needs new plumbing and wiring and has not been decorated since 1952, the year the Queen ascended the throne. It comes as the Crown Estate, which owns property on behalf of the Queen, returned record profits of £285m to the taxpayer last year - up 6.7%.
The news comes as royal accounts show that the monarchy cost the taxpayer £35.7m for the second year running. Public funding of the Queen is expected to rise by £2m next year - to £42.8m.
The figure, for the 2014/15 financial year, is the equivalent of 56p for each person in the country. The monarch is paid 15% of the Crown Estate's profits by the government under the Sovereign Grant formula launched in 2011.
Last year, the Queen received £37.9m from the grant - of which she spent £35.7m. That figure will increase to £40.05m this year, and is expected to rise to £42.8m next year.
It comes as the Crown Estate's annual results show its capital value is at a historic high of £11.5 billion - up 16.1%.
The publication of the royal finances also comes as a spokesman for the Scottish government said it would continue to make the same financial contribution to the monarchy, even if further devolution is approved.
Reports suggested Scotland could cut its contribution to the monarchy by between £1m and £1.5m - if profits from the Crown Estate in Scotland are retained by the Scottish Parliament under further devolved powers.
Analysis
By Daniela Relph, BBC royal correspondent
The publication of the royal accounts can be an uncomfortable time for palace officials. Under scrutiny is the way the Royal Family spends public funds. Are they value for money?
The palace puts the cost of funding the royals at 56p per person in the UK. It's a figure Sir Alan Reid, the keeper of the Privy Purse, unsurprisingly described as excellent value for money.
As he explained the detail of what the Royal Family spent, he spoke of expenditure being "contained" and of day-to-day spending being "very much under control".
The costs of royal travel often grab headlines. The latest figures show the Prince of Wales to be the most regular user of private jets for official duties, including an eight-day tour costing £446,159.
The palace stressed that these visits are undertaken at the request of the government and staff consider cost, security, disruption and the environment when deciding how to travel.
The accounts also showed a reduction in sick days for palace staff - that was put down to providing lots of sporting activities for those who work at the palace, as well as having doctors and nurses on site.
'Fundamental re-service''Fundamental re-service'
The accounts show that almost half of the annual sovereign grant - the system of finance given from the public purse to support the official duties of the monarchy - was spent on payroll costs. The latest accounts show that almost half of the annual grant was spent on payroll costs.
Property maintenance dipped from £13.3m in 2013/14 to £11.7m, with a surplus of £2.2m transferred to reserves to help meet the future cost of work on Buckingham Palace. Property maintenance dipped from £13.3m in 2013-14 to £11.7m, with a surplus of £2.2m transferred to reserves to help meet the future cost of work on Buckingham Palace.
The Queen, who is 89, spends a third of the year hosting events at what is her official London home. Other details to emerge from the annual accounts for 2014/15 include:
The Queen, who is 89, spends a third of the year hosting events at Buckingham Palace - her official London home.
Sir Alan Reid, keeper of the Privy Purse, said: "Over the coming years, the maintenance of the estate and in particular Buckingham Palace, will present a significant financial challenge.Sir Alan Reid, keeper of the Privy Purse, said: "Over the coming years, the maintenance of the estate and in particular Buckingham Palace, will present a significant financial challenge.
"We will continue to work closely with the trustees to ensure that the funding for the royal household reflects that challenge.""We will continue to work closely with the trustees to ensure that the funding for the royal household reflects that challenge."
Royal sources told reporters that significant amounts of asbestos needed to be removed from Buckingham Palace in a project described as a fundamental "re-service".Royal sources told reporters that significant amounts of asbestos needed to be removed from Buckingham Palace in a project described as a fundamental "re-service".
"One option is for the palace to be vacated. The initial estimate for the refurbishment of Buckingham Palace looks like £150m," a source said."One option is for the palace to be vacated. The initial estimate for the refurbishment of Buckingham Palace looks like £150m," a source said.
Scottish funding
"That depends on how you go about refurbishment, whether you do it in parts or the whole thing (at once).""That depends on how you go about refurbishment, whether you do it in parts or the whole thing (at once)."
Graeme Smith, from campaign group Republic, called for a change in approach. Graham Smith, from campaign group Republic, called for a change in approach.
"It is time that the whole funding system is scrapped, re-written, that the monarchy is put on a proper budgetary fitting - and that maintenance of the palace is taken out of their hands and given over to the same people that look after the Tower of London very well.""It is time that the whole funding system is scrapped, re-written, that the monarchy is put on a proper budgetary fitting - and that maintenance of the palace is taken out of their hands and given over to the same people that look after the Tower of London very well."
Meanwhile, it has been reported that Scotland's contribution to royal funding could be reduced by more than £1.5m if plans for further devolution go ahead.Meanwhile, it has been reported that Scotland's contribution to royal funding could be reduced by more than £1.5m if plans for further devolution go ahead.
A royal source quoted by the Press Association said there could be a cut if profits from the Crown Estate in Scotland are retained by the Scottish Parliament rather than the UK Parliament in a year's time.A royal source quoted by the Press Association said there could be a cut if profits from the Crown Estate in Scotland are retained by the Scottish Parliament rather than the UK Parliament in a year's time.
But both the Scottish and UK governments said they did not expect devolution to have any negative impact on Scotland's contribution to funding the monarchy.But both the Scottish and UK governments said they did not expect devolution to have any negative impact on Scotland's contribution to funding the monarchy.
A UK Treasury spokesman said the sovereign grant would not be "adversely affected" by devolution.A UK Treasury spokesman said the sovereign grant would not be "adversely affected" by devolution.
And a Scottish Government spokeswoman said: "Scotland will continue to make the same financial contribution to the monarchy as at present - there will be no reduction in the sovereign grant as a result of devolution of the Crown Estate."And a Scottish Government spokeswoman said: "Scotland will continue to make the same financial contribution to the monarchy as at present - there will be no reduction in the sovereign grant as a result of devolution of the Crown Estate."
Other details to emerge from the annual accounts for 2014/15 include:
Analysis
By Daniela Relph, BBC royal correspondent
The publication of the royal accounts can be an uncomfortable time for palace officials. Under scrutiny is the way the Royal Family spends public funds. Are they value for money?
The palace puts the cost of funding the royals at 56p per person in the UK. It's a figure Sir Alan Reid, the keeper of the Privy Purse, unsurprisingly described as excellent value for money.
As he explained the detail of what the Royal Family spent, he spoke of expenditure bring "contained" and of day-to-day spending being "very much under control".
The costs of royal travel often grab headlines. The latest figures show the Prince of Wales to be the most regular user of private jets for official duties, including an eight-day tour costing £446,159.
The palace stressed that these visits are undertaken at the request of the government and staff consider cost, security, disruption and the environment when deciding how to travel.
The accounts also showed a reduction in sick days for palace staff - that was put down to providing lots of sporting activities for those who work at the palace, as well as having doctors and nurses on site.
An official also said that staff could just focus on doing the best they could to serve the Queen rather than having to fight "for the top job".