Anti-monarchy campaigners have called for the Queen’s official funding grant to be scrapped and Buckingham palace handed back to the people.

The call comes after it was revealed the Queen’s official funding is set to increase to £76.1 million and £369m will be spent on Buckingham Palace refurbishments. 

The official grant is a small part of the monarchy’s estimated annual cost to taxpayers of £334m.

Republic's CEO Graham Smith said today: 

“This is an absolute disgrace. An indictment on the Queen’s scandalous mismanagement of royal finances over 6 decades.”

“MPs have repeatedly called on the palace to fund repairs by opening up to tourists all year round and they’ve refused.”

“The obvious question is, why have the royals let it get into this state? Why haven't they raised revenue through opening up all year round? If the royals can't look after the buildings and raise their own revenue to fund maintenance it’s time to give them up.”

“The royals cost the taxpayer over £334m a year and that keeps going up. We need independent inquiry and full disclosure into their spending.”

“The monarchy's costs need to be stripped right back, put the institution on a proper budgetary footing and allow parliament to approve the budget each year.”