The Queen's cash reserves drop to just £1m as royal buildings crumble

The Commons Public Accounts Committee wants the monarchy to efficiently handle the finances to protect the taxpayers.

09:44 29 January 2014

In 2012-2013, the royals were given £31million of taxpayers’ money. However, it emerged that this money wasn’t enough to cover the royal’s expenses. Now, MPs are suggesting ways on how the Buckingham Palace can raise cash to cover urgent repairs to crumbling royal buildings.

Buckingham Palace’s wiring and boilers have not been updated for 60 years according to the report.

MPs added that at least £50million is needed to restore Buck House and other landmark royal buildings such as Windsor Castle. One suggestion to raise money is to open the palace to the public longer and to even rent part of it for private use.

Committee chairman Margaret Hodge said: "The truth is that the palace has been living from hand to mouth for some time. The trouble is that people are frightened, because this is the Royal Family, to address the issue head on."

On Buckingham Palace, Mrs Hodge said: "The Queen is not there for much of the time and I find it hard to believe they can't open the palace to the public for longer."

MPs stated that the Queen’s cash reserves plummeted from £35m in 2001 to just £1m today.