The cost of the coronation of King Charles III. are estimated at 100 million pounds sterling (about 114 million euros).
69 years after his mother, King Charles III. on Saturday, May 6, in the King Edward’s Chair at Westminster Abbey in London, where the traditional coronation of the sovereigns of the United Kingdom is held. From one coronation to the next, Britons have witnessed numerous royal events – four royal weddings, six anniversaries and four funerals – each drawing millions of people onto the streets of the country.
The coronation of King Charles III. is a three-day gathering of street parties across the country, a BBC-produced concert at Windsor Castle and a symbolic ceremony at Westminster Abbey, followed by a grand public procession. But an event of this magnitude has its price: 50 to 100 million British pounds (or 57 to 114 million euros) according to the BBC*, 100 million for the London radio station LBC*. According to The Sun*, one of the UK’s best-selling tabloids, that number could go as high as £150m. By way of comparison, the coronation of Queen Elizabeth II in 1953 had cost £1.57 million, which, adjusted for inflation, equates to £56 million today (about €64 million).
Against the backdrop of the economic crisis, this pharaonic spending has drawn criticism from a segment of the English population struggling to make ends meet. According to a YouGov* poll, more than half of Britons believe the coronation of the king should not be funded by taxpayers.
However, these celebrations are frequent. Six anniversaries were celebrated during the reign of Elizabeth II: silver (25 years), ruby (40 years), gold (50 years), diamond (60 years), sapphire (65 years). The latest is the Platinum Jubilee, which marked 70 years of the Queen’s reign. In a statement dated March 3, 2021*, the government announced that £28 million (around €32 million) had been made available for this national holiday, which took place from June 2 to 5, 2022.
Some ceremonies are funded by the royal family, others by the taxpayer
But how can such high expenditure be explained? The vast majority of the budget is allocated to security, a concern that has become more important in recent years. According to official figures* (Excel document), more than eight million pounds (just over 9 million euros) were spent in this way by the Metropolitan Police during the 2022 anniversary.
To the cost of the ceremonies we must add the economic losses associated with the holidays decreed so that the populace could enjoy the celebrations. According to the Center for Economics and Business Research* consultancy, each additional public holiday costs £2.3 billion, or around €2.64 billion. A number to qualify as these events bring thousands of tourists to hotels, restaurants and shops, This allows more than a billion pounds (about 1.15 billion euros) to flow into the British economy.
Unlike princely weddings, which are funded directly by the royal family, the coronation is considered a state event: it is therefore the British government, and thus the taxpayer, who foots a large part of the Sovereign Grant bill (“government grant”). This tax is paid annually by the Treasury to the royal family to fund the monarch’s official functions. Its level varies each year as it depends on income from the crown estate, a set of lands and possessions owned by the royal family. In 2022, the Sovereign Grant has been set at around €97 million, or €1.50 for each person in the UK, according to Euronews.
The BBC assures* that the coronation of Charles III. is also financed from private means, i.e. the private income of the royal family, mainly from the Duchy of Lancaster.
* Links followed by an asterisk point to content in English.