How much does the coronation of King Charles III cost (for the British)?
That of Elizabeth II, in 1953, took place when post-war rationing was still in force in the United Kingdom and cost the modern equivalent of 56 million euros. Today the coronation of King Charles III is held at a time when the country's inflation has reached its highest level in 40 years, yet the British see an economic payoff in the monarchy. Facts, numbers and curiosities
The big day has arrived. A new era for the British monarchy will officially begin on Saturday 6 May at 12 Italian time. At the age of 74, Charles, the eldest son of the late Queen Elizabeth II, will be crowned king together with Camilla, who after the ceremony will no longer be "queen consort" but only "queen".
Meanwhile, London has been buzzing for days for a weekend of celebrations that will shake up the economy quite a bit.
But how much does the coronation of King Charles III cost the British?
A PARTY (BITTER AND SOUR) FIT FOR A KING
Even if Great Britain has been grappling with inflation that has hovered around 10% for months, Time would not tell it, judging by the plans for the coronation of King Charles III.
"It will be a party fit for a king, with an equally reasonable price", comments the newspaper, estimating that the long weekend will cost British taxpayers at least 100 million pounds (about 114 million euros). But neither Downing Street nor Buckingham Palace have given confirmation.
The heavier toll is attributed at least in part to security, with more than 11,000 police officers patrolling the streets of London and security forces preparing for months.
THE PREVIOUS EDITIONS
Compared to the coronation of the late Queen Elizabeth II , the Golden Orb Operation (literally Operation Golden Globe, after the symbol of royal power), as the ceremony is called, will be smaller, with a shorter duration and fewer participants .
According to The New York Times , the 1953 coronation was the most expensive ever organized by the monarchy at the time, costing £1.57m, the modern equivalent of €56m.
THE CUTS OF KING CHARLES III
The king, however, has made the reduction of the costs of the monarchy one of his battles – starting with cuts in the family. With the departure of Prince Harry, Duchess of Sussex Meghan Markle, and Prince Andrew, the active royal circle has been reduced to 11 members.
News that, however, clashes with the recent strikes that involved thousands of workers who took to the streets to demand higher wages to meet the rising cost of living.
WHAT THE BRITISH THINK
According to a YouGov poll , more than half of Britons believe the coronation should not be government-funded, while only 32% are in favour.
And according to a recent Guardian investigation , according to which King Charles III's personal fortune would amount to around £1.8 billion – although the full picture of the monarchy's finances, according to Time , remains largely opaque – many citizens they believe that the royal family should bear the costs.
Bob Morris, honorary researcher at the Constitution Unit of University College London, however explained to Time that the burden falls on taxpayers because it is "a state event", like funerals but not weddings.
DESPITE ALL THE MONARCHY IS STILL SAFE
But controversy aside, according to another YouGov poll , more than half of Britons (54%) believe the royal family represents 'good value for money', despite costing £80m a year.
Indeed, as Simone Filippetti writes in Sole24Ore reporting data from the UK in a Changing Europe study centre, "the millennial monarchy, which officially began in 1066, costs the British £2.40 a year per taxpayer (excluding infants, children and the poor )". Less than a London Underground ticket.
“Bricoles”, underlines the correspondent of the Sole 24 hours from London, “which also bring an enormous benefit to the country: about twenty times as much as the initial 80 million. An analysis of 2017, dating back to six years ago now, estimated at 1.7 billion all the related activities that the monarchy generates for the British GDP".
In 2018, for example, William and Kate's wedding earned the UK more than 1.5 billion euros . Now, according to some estimates cited by CNBC , retail sales on public holidays are rising by around 15% a day and UK Hospitality, a hospitality industry trade association, said the coronation could bring in 350 million to the sector, which combined with the following two days and the Eurovision Song Contest in Liverpool on 13 May, could generate an overall boost of £1 billion.
Meanwhile, however, again according to CNBC , the May 8 holiday, called on the occasion of the event, will cost the British economy 1.36 billion pounds in terms of lost productivity.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/quanto-costa-agli-inglesi-incoronazione-di-re-carlo-iii/ on Sat, 06 May 2023 05:18:50 +0000.