Buckingham Palace will undergo a 10-year refurbishment plan that will cost taxpayers £369M.

Old electrical cables, water pipes, wiring and boilers will be replaced for the first time in 60 years, to reduce the risk of fire, flood and damage to the building and the priceless art collection housed within.

The works will be carried out on a phased basis, completing one wing at a time, awarding contracts separately for each phase.

The Queen will remain in residence during the work, which will begin in April. As Her Majesty's administrative headquarters, the Queen spends one-third of the year hosting events at Buckingham Palace. When in town, she holds weekly audiences with the prime minister, and every year welcomes more than 50,000 people to state banquets, dinners, receptions and garden parties.

The work will be funded through a temporary increase in the Sovereign Grant from 15% to 25% of the Crown Estate’s profits for the duration of the 10-year works.

However, the cost of the renovation has sparked ire and over 10,000 people have signed a petition demanding the Queen pay for at least some of the renovations herself.