King Charles’ coronation cost a whopping £72M, according to new reports

Following the death of Queen Elizabeth II on September 8, 2022, her son, then-Prince Charles, ascended the throne. However, he was not officially crowned King until 8 months later, on May 6, 2023.

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The coronation was the event of the year, attended by several dignitaries from around the world. Moreover, millions tuned in to watch the ceremony. As expected, an event as grand as a coronation does not come cheap. New reports have detailed how much the coronation exactly cost and where the money was spent.

King Charles’ coronation cost £72 million

As reported by Sky News, the Department for Culture, Media and Sport (DCMS) recently shared its annual accounts, which reveal the cost of the coronation. According to the accounts, a whopping £72 million was spent on the coronation.

The accounts detailed that £50.3m of the £72m was attributed to the DCMS, while £21.7m was spent on the Home Office for policing the major event.

The coronation cost significantly less than Queen Elizabeth’s funeral, which was made special by her family. According to Sky News, the late monarch’s funeral is estimated to have cost £162m, with £74m going to the Home Office and £57m to the DCMS.

A common argument in favour of the money spent on the coronation was that it would boost the country’s economy thanks to tourism. However, the event did not have that effect, due to the cost of the extra bank holiday.

Sky News explains that each bank holiday in the country costs around £2.3 billion. Due to the extra bank holiday for the coronation, data from the Office for National Statistics (ONS) showed a negative growth of 0.1% during May 2023.

Nonetheless, hotel revenue grew by 54% while UK-bound flights went up by 149% within 24 hours of the day being announced, according to TravelPort.

The anti-monarchist group Republic branded coronation as ‘obscene’

As can be expected with such a grand event, some were not pleased by the coronation and how much it cost. Republic, an anti-monarchist group that often criticises the Royal Family, and wants to see monarchy abolished, has also spoken out.

With the accounts published, Republic branded the King’s coronation as ‘obscene’ due to the cost of living crisis. The group’s CEO, Graham Smith told The Guardian that he doesn’t think that the total cost has been shared.

Nevertheless, he goes on to say that £72m is a ‘huge amount of money to spend on one person’s parade’ especially when it is not an obligation. Smith adds that the coronation wasn’t needed when the UK has ‘huge amounts of child poverty’ and some children can’t afford school lunches.

He told The Guardian:

It was an extravagance we simply didn’t have to have. It was completely unnecessary and a waste of money in the middle of a cost of living crisis in a country that is facing huge amounts of child poverty.