King Charles will never live at Buckingham Palace, despite taxpayers funding a £369 million renovation of the historic building. The decade-long refurbishment is set to finish next year, but the monarch has decided the palace will not be his official residence. Instead, the King and Queen will continue to live at Clarence House in London, while maintaining homes in Scotland, Gloucestershire, Norfolk, and using Windsor Castle.
The decision ends nearly 200 years of tradition, as Buckingham Palace has been the monarch's base since Queen Victoria took up residence in 1837. Royal aides confirmed the palace will remain the operational centre of 'monarchy HQ', welcoming thousands of guests annually for state visits, investitures, and garden parties. A palace spokesperson said: 'His Majesty retains huge affection for Buckingham Palace and a deep respect for its role in royal and public life. It will be a buzzing hive of royal activity in every other way.'
The announcement coincides with the publication of the annual royal finances report, revealing the King will receive an inflation-busting pay rise. Core funding for the monarchy will balloon to £100 million a year by 2027-28, almost doubling from £51.8 million in 2024-25. The increase was decided by Royal Trustees, including outgoing Prime Minister Keir Starmer and Chancellor Rachel Reeves. Aides said the boost will cover maintenance backlogs, cyber security, and energy-efficient heating systems, with £11 million set aside for replacing boilers at Windsor Castle.
Former Privy Council member Norman Baker criticised the cost, stating: 'The Royal Family is proving hugely expensive. If Charles wants to have his slimmed-down monarchy, there should be a slimmed-down bill to the taxpayer to go with it.' The accounts also revealed that Prince William is now richer than the King, with a net worth of £1.2 billion from the Duchy of Cornwall, compared to Charles's £640 million. In a transparency move, Charles revealed he has paid over £30 million in tax since becoming King, including £12.9 million in 2024-25.
