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Queen 'could move out of Buckingham Palace' Queen 'could move out of Buckingham Palace'
(35 minutes 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 palace needs new plumbing and wiring, with some rooms last decorated in 1952.It is one option being considered by the royal household, which says the palace needs new plumbing and wiring, with some rooms last decorated in 1952.
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%.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%.
Public funding of the Queen is expected to rise by £2m next year - to £42.8m.Public funding of the Queen is expected to rise by £2m next year - to £42.8m.
Historic highHistoric high
Meanwhile, a spokesman for the Scottish government has denied reports it could cut its contribution to the monarchy by between £1m and £1.5m when further powers are devolved.Meanwhile, a spokesman for the Scottish government has denied reports it could cut its contribution to the monarchy by between £1m and £1.5m when further powers are devolved.
The monarch is paid 15% of the Crown Estate's profits by the UK government - including from the Crown Estate in Scotland - under the Sovereign Grant formula launched in 2011.The monarch is paid 15% of the Crown Estate's profits by the UK government - including from the Crown Estate in Scotland - under the Sovereign Grant formula launched in 2011.
The latest accounts show the Queen last year 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.The latest accounts show the Queen last year 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.
The figure does not include the cost of providing security for the Royal Family.The figure does not include the cost of providing security for the Royal Family.
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%.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%.
AnalysisAnalysis
By Daniela Relph, BBC royal correspondent By Peter Hunt, 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? It's the fantasy of many a royal official that their annual accounts will be published and cause barely a ripple.
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. The reality, once again this year, is very different.
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". First, at Buckingham Palace there was the suggestion - denied robustly in both London and Edinburgh - that with more devolution Scotland might pay less towards the Queen's upkeep.
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. Then in Berlin - where the royal press pack is in residence for the Queen's state visit - an official was questioned about the year-on-year increase in taxpayer funding the monarch is enjoying.
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. He said the funds were needed to address a backlog in property maintenance.
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. The official raised the spectre of the head of state being one palace down for a few months while its ageing plumbing and wiring was sorted.
This year, for the royals, their "financial cloud" has a silver lining - there has been less focus on the money some of the Windsors spend on chartering private jets.
'Fundamental re-service''Fundamental re-service'
The accounts show that almost half of the annual grant was spent on payroll costs.The 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.
Other details to emerge from the annual accounts for 2014/15 include: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.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.
"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)."
Graham 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."
What is the Crown Estate?What is the Crown Estate?
Source: The Crown EstateSource: The Crown Estate
Reports that Scotland's contribution to royal funding could be reduced by more than £1.5m if plans for further devolution go ahead have been dismissed by both the UK and Scottish governments.Reports that Scotland's contribution to royal funding could be reduced by more than £1.5m if plans for further devolution go ahead have been dismissed by both the UK and Scottish governments.
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."