Estimates of the cost of King Charles’ coronation are between 50 million and 100 million pounds ($63-125 million).
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LONDON – The eyes of the world will be on the UK this weekend when King Charles III is crowned at Westminster Abbey in a display of quintessential British pomp and splendor.
The coronation, which will be conducted by the Archbishop of Canterbury on Saturday, May 6, will begin three days of celebrations across London and the wider UK, culminating in a public holiday on May 8th.
The ceremony — the first of its kind in 70 years — was largely ceremonial, after the 74-year-old king officially ascended to the throne on September 8, 2022, the day of The death of Queen Elizabeth II.
But while millions are expected to watch the historic event, it comes under a challenging economic backdrop for the UK, with many questioning the validity of the event. as the country faces its worst cost of living crisis in a generation.
How much will the coronation cost?
Buckingham Palace did not provide an exact figure on the cost of the coronation, nor did it respond to CNBC’s request for comment.
However, King Charles himself is said to have sought more miniature celebrationwith a “shorter”, “smaller, less expensive and more representative” ceremony — part of his broader plan for a collapse monarchy.
The ceremony at Westminster Abbey, for example, will be attended by around 2,000 VIPs – about a quarter of the number present at the late queen’s coronation – and the process will take about an hour rather than an hour. must be a few hours.
The coronation comes as the UK economy remains in stagnation and many Britons struggle with day-to-day expenses amid the country’s cost of living crisis.
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However, the cost of weekend procedure — including a “King’s Procession” and a star-studded concert at Windsor Gardens — is expected to cost between £50 million and £100 million ($63-$125 million), according to estimate quoted by the BBC which it says is not from an official source.
That is likely around £50m more in today’s money – then 1.5 million pounds — used when the queen ascended the throne in 1953.
It’s also much higher than the £24.8 million equivalent — then £450,000 — for the coronation of George VI in 1937.
Who pays for the event?
The event, like most public events, is sponsored by the UK government and ultimately UK taxpayers, with Buckingham Palace also contributing an undisclosed portion.
That has left some Britons unhappy, with 51 per cent saying the government should not be funding the coronation, according to a recent study. YouGov . pollwhile 18% are undecided.
Meanwhile, the holiday called to mark the event on 8 May is estimated to cost the UK economy extra costs. 1.36 billion pounds in lost productivity.
Currently, the UK’s gross domestic product (GDP) stands around 0.6% below its level at the end of 2019 and it is the only G-7 economy that has not recovered from the Covid-19 recession. Meanwhile, inflation remains high, with key interest rates increasing 10.1% annually in March, and food and beverage costs rose to a 45-year high.
However, for its part, the government insists that the occasion will bring millions of dollars for businesses, especially the retail, tourism and hospitality sectors that are being hit hard. By some estimates, retail sales are often driven by about 15% every day on holidays.
UK Hospitality, a trade association for the hospitality industry, says the king’s coronation could bring a 350 million pounds promote the industry. That, combined with two more UK May bank holidays, as well as the Eurovision Song Contest in Liverpool on May 13, could generate a total of £1 billion.
— Gaelle Legrand of CNBC contributed to this report.
