The U.K. is gearing up for a historic occasion as King Charles III is set to be crowned at Westminster Abbey in a quintessentially British display of pomp and pageantry. The coronation, which will be conducted by the Archbishop of Canterbury on May 6, will kickstart three days of celebrations across London and the wider U.K., culminating in a public holiday on May 8. It will be the first coronation in 70 years and is expected to draw millions of people from around the world to witness the historic event.
While the coronation is expected to be a momentous occasion for the country, it also comes at a challenging time for the U.K. economy, with many Britons struggling with daily expenses amid the country’s cost-of-living crisis. Despite this, the government funds the event, with Buckingham Palace also contributing an undisclosed share.
Although Buckingham Palace does not provide an official figure for the coronation cost, estimates put it at between £50 million and £100 million ($63-125 million). This is potentially more than the £1.5 million (in today’s money) spent when Queen Elizabeth II took the throne in 1953 and well above the £450,000 spent on George VI’s coronation in 1937.
King Charles himself is said to have sought a more scaled-back celebration, with a “shorter,” “smaller, less expensive and more representative” ceremony, part of his wider plans for a slimmed-down monarchy. The Westminster Abbey ceremony, for instance, will be attended by some 2,000 VIP guests, around a quarter of the number present at the late queen’s coronation, and the process will last around one hour, rather than several.
Despite the cost, the government insists that the occasion will bring in millions for businesses, particularly those in the hard-hit retail, tourism, and hospitality sectors. According to some estimates, retail sales are typically boosted by around 15% daily on public holidays. UK Hospitality, a trade association for the hospitality industry, said that the coronation could bring a £350 million boost to the sector. That, combined with Britain’s two further May bank holidays, as well as the Eurovision Song Contest in Liverpool on May 13, could generate a total boost of £1 billion.
However, not everyone is convinced. According to a recent YouGov poll, 51% of Brits believe the coronation should not be funded by the government, while 18% were undecided. Furthermore, the public holiday called to mark the event on May 8 is estimated to cost the U.K. economy a further £1.36 billion in lost productivity.
The coronation comes at a time when the U.K. economy remains in the doldrums, with GDP around 0.6% below its level of late-2019, making it the only G-7 economy not to have recovered from the Covid-induced slump. Inflation, meanwhile, remains stubbornly high, with the headline rate rising 10.1% annually in March, and food and beverage costs rising at the sharpest clip in 45 years.
Despite the economic challenges, the coronation is expected to be a momentous occasion for the country, steeped in centuries of tradition and heritage. It will be a chance for the country to come together and celebrate a new chapter in its history, as King Charles III takes the throne. While the cost of the event has raised eyebrows, many hope that the economic benefits will outweigh the expense and that the coronation will provide a much-needed boost to the country’s struggling businesses.