King Charles III may have opted for a more pared back ceremony for his official coronation but that does not mean the exercise of throwing a globally televised event of this magnitude and scale comes cheap.
For the British people, who are suffering with a cost-of-living crisis, this may be a hard pill to swallow.
It’s difficult to compare this to the cost of Queen Elizabeth’s coronation, back in 1953, which Forbes reports cost £1.57 million, or AUD $86 million in today’s money. It is understood that a lot of the expense in today’s royal events comes in the form of security costs.
Despite the big budget, King Charles III’s coronation has a much shorter guest list than the late Queen’s 8,000 attendees (he only has 2,000), and a much shorter event in the interest of time and money.
What Will The King’s Coronation Cost?
While the official figures for the coronation are yet to be revealed, The Operation Golden Orb committee, who are charged with planning the event, have estimated it to be around £100 million (AUD $187 million).
Who Is Paying For The Coronation?
The coronation is a state event that will be paid for by the United Kingdom’s government. This means that the British taxpayer will be responsible for this fee.
It’s a fact that has disgruntled many anti-monarchists across the UK and pulled the necessity of the pomp and circumstance of the occasion into question. This may lead into why the new king has expressly asked for a more relaxed approach to the event.
How Much Money Will The Coronation Bring To The UK?
While it is important to look at how much the coronation service will cost the taxpayer, there is an argument that events like this boost the country’s economy in equal stead. According to CNBC, UK Hospitality has reported that the coronation could bring in £350 million (AUD $654 million).
How Much Will The Coronation Concert Cost?
It’s not yet known how much the performers at the King’s coronation are being paid, if at all.
For the Queen’s Diamond Jubilee, the acts performed for free and their production costs were covered by the BBC. The BBC then makes back this money by selling the rights to the footage to various news agencies around the world, making it a worthwhile investment.