How much does the King's coronation day cost and who pays for it?

6 May 2023, 09:12

King Charles' coronation costs millions
King Charles' coronation costs millions. Picture: Alamy/Getty Images

Who has paid for the King's coronation day and how much did the coronation cost?

King Charles' coronation has been meticulously planned for months following the sad death of Queen Elizabeth III.

And royal fans have been able to enjoy plenty of festivities over the weekend, including the procession, coronation concert and all the street parties.

But while everyone is enjoying the bank holiday, the historic event comes at a cost, which is actually twice as much as Queen Elizabeth’s coronation back in 1953.

So who pays? And much does the coronation cost? Here’s what we know..

After the passing of his mother Queen Elizabeth II, King Charles III arrives at Buckingham Palace
After the passing of his mother Queen Elizabeth II, King Charles III arrives at Buckingham Palace. Picture: Alamy

How much does the King's coronation day cost?

The true cost of the event will not be known until after the weekend, but it’s been reported that King Charles's coronation is set to cost about £150million.

There have also been reports that it could cost up to £250million due to the huge cost of security for the royal family, according to The Mirror.

However, the plans have also been "slimmed-down" compared to other royal engagements, so the event could work out a lot less.

Queen Elizabeth II's coronation cost an estimated £1.57million, which is the same as around £46million in today's money.

Queen Camilla and King Charles
Queen Camilla and King Charles. Picture: Alamy

A source told The Sun: "In today's money the 1953 coronation cost around £50million but estimates for King Charles' are twice that because of things like security, which weren't such a big issue back then.

"But worldwide TV rights will more than cover the cost and it will be a massive boost to tourism.

"Hotels are already being booked out for the Coronation weekend."

A Buckingham Palace spokesman told The Sun: "I’ve seen a number of different estimated figures floating around, some more fanciful than others.

"The true figures will be shared in due course where expenditure relates to the Sovereign Grant or Government costs.”

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Who pays for King Charles' coronation?

King Charles' coronation is paid for by the taxpayer, due to it being a state event.

If the estimated cost of £100 million is to be believed, then this would cost £1.50 per taxpayer.

This comes after a YouGov poll found that more than half of those in Britain think it should fall to the Government to pay for the coronation.

A total of 51 per cent believe the ceremony should not be funded by public money, while a third of those asked did.