Buckingham Palace, one of Britain’s best known landmarks and home to Queen Elizabeth, will undergo a decade-long overhaul costing £369mil (RM2.02bil) after the government approved what it said were urgently needed funds.

The work will focus on replacing electrical wiring, water pipes and the heating system which were installed after World War II.

“These urgent works have been properly costed and will ensure the palace can continue its centuries-long tradition of being the working house of our monarch,” David Gauke, chief secretary to the Treasury, said recently.

The renovation will be funded by a temporary increase in the Sovereign Grant, the government financial mechanism that covers the running costs of Queen Elizabeth’s household.

Illustrated self portraits by 200,000 children are projected onto Buckingham Palace to form portraits of Queen Elizabeth in central London April 19, 2012.   Photo: Reuters/Andrew Winning

Illustrated self portraits by 200,000 children are projected onto Buckingham Palace to form portraits of Queen Elizabeth in central London April 19, 2012. Photo: Reuters/Andrew Winning

The most critical work will begin in April 2017 and the palace will remain occupied and fully operational while the renovation is carried out, the royal press office said.

Millions of tourists flock to see the palace each year, especially to see the traditional Changing of the Guard and Summer Opening ceremonies. – Reuters

Irish Guards stand to attention as a carriage carrying Britain's Queen Elizabeth's crown leaves Buckingham Palace on its way to Westminster to be worn during the State Opening of Parliament, in central London, May 9, 2012.  Photo: Reuters/Andrew Winning

Irish Guards stand to attention as a carriage carrying Britain’s Queen Elizabeth’s crown leaves Buckingham Palace on its way to Westminster to be worn during the State Opening of Parliament, in central London, May 9, 2012. Photo: Reuters/Andrew Winning