The Queen overspent by £14.9million last year and had to dip into reserves to pay for Buckingham Palace renovations

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THE Queen overspent by £14.9million last year and had to dip into reserves to pay for Buckingham Palace renovations.

Expenditure went up 17 per cent from £87.5million to £102.4million, a report into the royal accounts reveals.

Her Majesty overspent by £14.9million last year and dipped into reserves to pay for Buckingham Palace renovations

The palace was spruced up for the Platinum Jubilee celebrations.

Taxpayers are funding its ten-year, £363million refit but aides are confident it will be in budget.

Her Maj’s coffers also face a £18million hit from Covid over three years.

The Sovereign Grant — the fee paid by the taxpayer to the Queen to run her affairs — has been frozen for the next two years at £86.3million.

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