The Royal Trustees, who include the prime minister and chancellor, recommended that the works be funded by a temporary increase in the Sovereign Grant. The Treasury said an “urgent overhaul” of the palace was needed to prevent the risk of fire, flood and damage to both the building and the priceless Royal Collection of art belonging to the nation. The works will be carried out on a phased basis, completing one wing at a time, awarding contracts separately for each phase, aiming to minimise the financial and practical risks, the Royal Household said Campaign group Republic, which wants the abolition of the monarchy, said the refurbishment was “an indictment on the Queen’s scandalous mismanagement of royal finances over six decades”. The Queen spends a third of the year hosting events at Buckingham Palace. By phasing the work over 10 years from April 2017, events such as the garden parties, investitures, state visits and changing the guard will be unaffected.