King Charles' coronation: Who will pay the eye-watering bill for the event?

Despite planning a small-scale celebration compared to his mother's coronation, King Charles III's coronation is going to cost a pretty penny. The King has invited royals and leaders from around the world for the May 6 official ceremony and although he's kept the guest list capped at a modest 2,200, the bill is set to be gigantic.

The three-day extravaganza will include an official ceremony complete with royal traditions including two royal processions, The King’s Procession, The Coronation Procession, and an appearance on the balcony at Buckingham Palace. A star-studded Coronation Concert will also take place on May 7 in honour of the new monarch at Windsor Castle, and will be televised around the world.

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Plus, Brits will receive a bank holiday as part of the celebrations, and a Coronation Lunch will take place, with communities around the UK invited to share food and fun together. So who is paying for all this pomp?

The Operation Golden Orb committee, the group put in charge of planning the event, has estimated that the cost of the coronation will reportedly be an eye-watering £100 million (roughly $180 million).

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

The King's coronation will be shorter than previous celebrations, with outdated rituals reportedly being cut from the schedule, reflecting Charles' vision for a more agile and modern monarchy.

He is reportedly using the celebration as an example of his mission to create a more "financially viable royal family" by scaling back the event when compared to his mother's coronation.

It seems the bank holiday associated with the event will actually be the biggest cost, with some estimating a hit to the UK economy to the tune of £2.3 billion.

Where the money comes from

Unlike royal weddings, the coronation is a state event and is paid for by the UK government, so it is essentially publicly funded. Having said that, The Sun's source believes that the event will actually turn a profit, saying: "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."

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Traditionally, governments have always paid for coronation events because the sovereign is the country's Head of State and requires a suitable ceremony.

The UK government has also assisted in the guest list, extending invitations to world leaders, foreign royals and the British parliament.

However, King Charles has come under fire from the British public for hosting such an elaborately expensive celebration while average Brits are busy struggling with the cost of living.

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