Sunday, April 21, 2024

How Much Will be Spent on the Coronation Ceremony of the British Monarch?

King Charles III will be installed as the queen consort on May 6 at Westminster Abbey in London, making him the 40th monarch of the United Kingdom to do so.

There will be millions of spectators and participants at the coronation event in the UK and around the world.

Unofficial sources indicate that the coronation will cost between 50 and 100 million pounds ($63-126 million). It happens at a time when inflation in the UK is consistently high. According to a recent YouGov poll, 51% of Britons believe that the coronation shouldn’t be paid for by the government.

Because coronations are official events, the government pays for them. A spokesman for Buckingham Palace stated that “the sovereign grant and the UK government will be among the funding sources.”

The sovereign grant, which is supported by tax dollars, is used to pay for the monarch’s official responsibilities. The award totaled 86.3 million pounds ($108.8 million) for the years 2021–2022.

The coronation of King George VI, the grandfather of King Charles III, cost 454,000 pounds ($573,000) in 1937, or 24.8 million pounds ($31m) in modern currency. The 1953 coronation of his mother, Queen Elizabeth II, cost 912,000 pounds ($1.2 million), or approximately 20.6 million pounds ($26 million) in today’s currency.

After the ceremony, the price of King Charles’ coronation will be disclosed.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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