Queen Elizabeth II’s Buckingham Palace set for $460 million refit
The UK govt will spend $460 million over 10 years on a refurbishment of Buckingham Palace to minimize flooding and fire risks at Queen Elizabeth II's London residence
London: The UK government will spend £369 million ($460 million) over 10 years on a refurbishment of Buckingham Palace to minimize flooding and fire risks at Queen Elizabeth II’s London residence.
The works will be paid for through a decade-long increase in the Sovereign Grant, which funds the royal family, the Treasury said in an e-mailed statement on Friday. Electrical wiring, water pipes and heating systems, which were installed more than half a century ago, will be replaced. There will also be improvements to visitor facilities, according to a separate statement from the Queen’s Household.
“Buckingham Palace is one of the most iconic buildings in the world, and this program is designed to extend its working life by a further fifty years,” Master of The Queen’s Household Tony Johnstone-Burt said in the statement. “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.” Bloomberg
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:18 Nov 2016, 07:40 PM IST
- Top Gainers
- Top Losers
- 52 Week High