The coronation ceremony will be conducted by the Archbishop of Canterbury on May 6 (local time) and will begin a series of three days of celebrations across London and across the UK.
The British royal coronation - the first in 70 years - is largely ceremonial after the 74-year-old monarch officially ascended the throne on September 8, 2022, the anniversary of Queen Elizabeth II's death.
King Charles III and Queen Camilla. Photo: Reuters
The event comes as the UK economy faces its worst cost of living crisis in decades. Buckingham Palace has not provided an exact figure for the cost of the coronation.
However, King Charles is said to have sought to hold a ceremony that was smaller, shorter, less expensive and more symbolic – part of his larger plan to streamline the monarchy.
The Crown of St. Edwards. Photo: Guardian
According to CNBC , the ceremony at Westminster Abbey will be attended by about 2,000 VIP guests - just a quarter of the number present at the late queen's previous coronation - and the process will last about an hour, not several hours.
However, the cost of the weekend's proceedings, which include the king's procession and a star-studded concert in Windsor Gardens, is expected to run between £50 million and £100 million, according to an unofficial estimate from the BBC.
The sum is likely to be more than the £1.5m (equivalent to £50m at present) spent on the late Queen Elizabeth's grand ceremony in 1953.
Royal fans dressed in Union Jack costumes. Photo: Reuters
The event, like most national events, is funded by the British government and taxpayers' money, with Buckingham Palace also making an undisclosed contribution.
Meanwhile, the UK public holiday (8 May) marks a chain of events estimated to cost the UK economy £1.36bn in lost productivity. Currently, the UK's gross domestic product (GDP) is around 0.6% lower than at the end of 2019 and it is the only G7 economy that has not recovered from the recession caused by the COVID-19 pandemic.
The Royal Guards move outside Buckingham Palace ahead of the coronation. Photo: Reuters
However, the UK government claims the occasion will bring millions of pounds to businesses, especially the hard-hit retail, tourism and hospitality sectors. According to some estimates, retail sales typically increase by around 15% each day during the holidays.
UK Hospitality, the trade association for the British hotel industry, believes the coronation could bring an additional £350m to the sector.
British Prime Minister Rishi Sunak. Photo: Reuters
According to Reuters news agency, British Prime Minister Rishi Sunak also praised King Charles' coronation as a historic event and a demonstration of the modern character of the British nation, saying that no other country had such a "brilliant ceremony", including processions, ceremonies and street parties.
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