There are also security concerns that were the King in residence at Buckingham Palace, this would limit the number of visitors as well as the areas they could view.
The landmark may now also be able to open for a longer period, generating more income. It currently opens its State Rooms to visitors each summer and on selected dates throughout the rest of the year, the proceeds of which go to the Royal Collection Trust, a charity responsible for the care and conservation of royal art.
The King will continue to host a range of events at the palace, from state banquets and garden parties to receptions and audiences with the prime minister and new ambassadors.
“His Majesty retains huge affection for Buckingham Palace and a deep respect for its role in royal and public life,” said a palace spokesperson. “It will be a buzzing hive of royal activity in every other way.”
Norman Baker, former Lib Dem Home Office minister and a critic of royal funding, told the that Buckingham Palace visitor ticket sales should instead go to the Treasury.
“They bring in millions every year, so what should happen is if they’re not living in Buckingham Palace, [they] should open it to the public and all the money from visitors 12 months of the year should go to the Treasury to help pay for refurbishment,” he said.