King and Queen will not live in Buckingham Palace after renovations

The landmark can now be opened for a longer period of time, generating more revenue. It currently opens the State Rooms to visitors each summer and on selected dates throughout the rest of the year, with proceeds going to the Royal Collection Trust, a charity responsible for the care and preservation of royal art.

The King will continue to host a variety of events at the palace, from state banquets to garden parties, from receptions to audiences with the prime minister and new ambassadors.

“Her Majesty has a great affection for Buckingham Palace and a deep respect for its role in royal and public life,” a palace spokesman said. “By all accounts it will be a bustling hive of royal activity.”

Norman Baker, the former Liberal Democrat Home Office minister and critic of royal finances, told the BBC that sales of Buckingham Palace visitor tickets should instead go to the Treasury.

“They bring in millions every year, so what if they don’t live in Buckingham Palace? [they] “This place should be opened to the public and all the money coming from visitors for 12 months of the year should go to the Treasury and cover the renovation costs,” he said.

Graham Smith, chief executive of Republic, which campaigns for an elected head of state, said: “The government agreed to spend £369 million on renovating Buckingham Palace and now Charles doesn’t want to use it.

“But when he does he’ll keep it locked up. Obviously the palace needs to be fully open to the public all year round.”