The Coronation Of King Charles Begins Today. Full Details Here

The manner in which King Charles III will be crowned will be closely watched by the entire world. In fact, the United Kingdom will be the center of attention today, Saturday, May 6, as King Charles is crowned at Westminster Abbey in a show of pomp and pageantry that is uniquely British.

The official cost of the coronation has not been disclosed by Buckingham Palace, but it is anticipated to be between £50 million and £100 million.

It comes at a time when the UK economy is still in the doldrums and many Britons are having trouble paying for their daily needs because of the country’s high cost of living.

The Archbishop of Canterbury will officiate at the coronation on Saturday, which will kick off three days of celebrations throughout London and the rest of the United Kingdom that will culminate in a public holiday on May 8.

Following the 74-year-old King’s official accession to the throne on September 8, 2022, the day of Queen Elizabeth II’s death, the service—the first of its kind in 70 years—is primarily ceremonial.

While millions are supposed to watch the memorable event, it falls against a difficult financial background for the U.K, with many scrutinizing the legitimacy of the occasion as the nation faces its most horrendously daily expenses amid the country’s cost-of-living crisis.

However, it is rumored that King Charles himself desired a more cut down celebration, one that was “shorter,” “smaller,” “less expensive,” and “more representative” as part of his larger plans for a reduced monarchy.

For example, the ceremony at Westminster Abbey will last about one hour rather than several hours, and it will be attended by approximately 2,000 VIP guests, which is about a quarter of the number who were present at the late queen’s coronation.

Still, the expense of the weekend’s proceedings — which include a “King’s procession” and a star-studded concert in Windsor Gardens — are expected to run to between £50 million and £100 million ($63-125 million), according to estimates cited by the BBC which it said was not from an official source.

That could be more than the approximately £50 million that the queen spent when she took the throne in 1953, or £1.5 million at the time.

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Additionally, it is significantly higher than the equivalent of £24.8 million, or £450,000 at the time, spent on George VI’s coronation in 1937.

Like most public events, the event is paid for by the UK government and, ultimately, by British taxpayers. Buckingham Palace also makes a small but undisclosed contribution.

According to a recent YouGov poll, 51% of Brits believe the coronation should not be funded by the government, while 18% were unsure.

Meanwhile, the public holiday called to mark the occasion on May 8 is assessed the cost the U.K. economy a further £1.36 billion in lost productivity.

The United Kingdom’s gross domestic product (GDP) is currently 0.6% lower than it was at the end of 2019, making it the only G-7 economy that has not recovered from the Covid-induced slump. In contrast, inflation remains stubbornly high, with food and beverage costs rising at their fastest rate in 45 years and the headline rate rising by 10.1% annually in March.

However, the government insists that the event will generate millions of dollars for businesses, particularly those in the retail, tourism, and hospitality industries, which have been hard hit. On public holidays, retail sales typically rise by about 15% per day, according to some estimates.

The King’s coronation could boost the hospitality industry by £350 million, according to UK Hospitality, a trade association. It added that this, along with Britain’s two additional bank holidays in May and the Eurovision Song Contest in Liverpool on May 13, could result in a total increase of £1 billion.