King Charles and Queen Camilla return to Buckingham Palace after their coronation ceremony in Westminster Abbey

2023-05-06 13:07:30

There is much talk in the media about the cost of the lavish royal event and coronation ceremony, and is the UK taxpayer financing it?

Charles invited big personalities from all over the world, including his son, Prince Harry, to participate in this historic event, and the coronation ceremony, which he believes is very expensive, will host a big concert.

The costs have not yet been officially assessed, but have been estimated at £100m. The committee overseeing the planning of the event program revealed that despite attempts to reduce costs, they may be prohibitive.

According to the > station, the program for the coronation ceremony may be exorbitant and may reach $ 125 million. But there is a belief that this event is not frequent for the royal family and the country as a whole.

The coronation of Queen Elizabeth II in 1953 cost £1.5 million, the equivalent of about £50 million today.

The costs of the coronation of King Charles III would be paid by the British government, and thus primarily a cost to the British taxpayer. The king and the government realize that this will be difficult for the already cash-strapped Britons. But the government hopes that the people will realize the importance of the event and what it may bring to the economy.

It is expected that the coronation of the king will bring about 1 billion pounds sterling to the British economy. Celebration revenues, including worldwide television broadcasting rights, tourism traffic and hotel reservations to attend the coronation at the weekend, may reduce the cost a bit.

The wealth of King Charles amounts to between 400 and 480 million pounds sterling, and the assets he owns, according to some estimates, to 2 billion pounds sterling.

It is said that the majority of his money was inherited from the late Queen, of which he was the sole beneficiary, including her wealth, art collections, jewelry and private royal homes.

Usually, the royal family does not undertake the national event, but finances its own special occasion, such as marriage.

Image caption: Coronation procession after religious ceremonies