As the world prepares to watch King Charles III officially take the throne Saturday, there is much discussion over how much the coronation festivities will cost taxpayers.
The star-studded ceremony at Westminster Abbey is said to be a “scaled back” affair due to the current economic climate — but it’s still estimated to cost between $63 million and $125 million, according to the BBC.
The Post reached out to Buckingham Palace for comment.
An exact price tag may not be released, however, the Royal Household will publish its annual financial statement detailing expenditures, in June.
The event — which includes a “king’s procession” and a concert in Windsor Castle featuring Katy Perry and Lionel Richie — is expected to be more expensive than Queen Elizabeth II’s coronation in 1953, which would have cost $57 million today.
More security is said to be a reason for the increased sum.
Coronation weekend is a divisive issue, with many arguing taxpayer money shouldn’t be used amid the cost-of-living crisis in the UK.
The Archbishop of Canterbury will anoint and crown King Charles, 74, and Queen Camilla, 75, in a ceremony considered to be a state event, paid for by the UK Government as well as Buckingham Palace, through the Sovereign Grant and Privy Purse.
Just over half of the respondents to a YouGov poll in April reported the government shouldn’t foot the bill.
Charles has reportedly opted for a more scaled-back celebration, with a “shorter,” “smaller, less expensive and more representative” ceremony, as reported by CNBC.
May 8 has been marked a public holiday in Britain for the occasion.
According to a 2022 report from PriceWaterhouseCoopers, public holidays have been estimated to cost the UK economy more than a billion dollars in lost productivity.
UKHospitality, which represents bars, restaurants and hotels, believes the coronation could bring in about $440 million over the weekend, with hundred of thousands of tourists expected to arrive in London.
The London Chamber of Commerce and Industry stated the coronation is “overall, a good news story” in terms of the economy and tourism.
The ceremony is expected to begin at 11 a.m. GMT and 6 a.m. EST.
Around 2,000 guests are slated to attend the two-hour event, with those invited including Nobel Prize winners, religious representatives, heads of state and foreign ministers.
Prince Harry, 38, has made the journey from his home in Montecito, California — although without his wife, Meghan Markle, 41, and children, Archie — who turns 4 on Saturday — and Lilibet Diana, 1.
Harry will join his estranged brother, Prince William, 40, along with his wife, Kate Middleton, 41, and their kids — Prince Louis, 5, Princess Charlotte, 8, and Prince George, 9 — for the celebration.