Cost of Charles III’s Coronation: Brits are questioning as cost of living bites

Critics have questioned the price tag of such a lavish event that comes at a troubling financial time for the country. The Operation Golden Orb committee, which is in charge of planning the coronation ceremony, estimates that the event could cost around 100 million pounds (over ₹1021.5 crore), Time magazine reported.

Firstpost had written that like all other monarchies, it has been proved that the British family is like a parasite to their own country. The Coronation of King Charles and Queen Camilla promises to be a display of pomp and pageantry that will celebrate the start of the new monarch’s reign. But when Britain is languishing and the economic condition is in doldrums it is highly insensitive on the part of Charles to have a Coronation. And with public purse strings continuing to be tightened, it is questionable whether an event of such extravagance and cost is appropriate. The Royal family of Britain is like an unproductive consumer, feeding not only on Britain’s resources, but also the global resources. The Royal family needs to understand that the Coronation of Charles and Camilla comes at a time when the cost of living crisis continues to tighten its grip on people’s finances.

As the CNN Business reported The King’s coronation this Saturday will showcase some of the enormous wealth accumulated by the British monarchy over the centuries. There will be golden carriages and priceless jewels and custom-made designer outfits that cost more than most people make in months.

The government has refused to put a figure on the cost of the coronation, with estimates by British media ranging from £50 million to more than £100 million ($63 million to $125 million). A figure that many British are finding it hard to swallow when there is a huge crisis of food in Britain.

The UK has been hit by a large wave of strikes in recent months, with nurses, junior doctors, midwifes, healthcare workers, university staff, train drivers and civil servants – including staff checking passports at airports – all walking out over pay disputes. Most public sector workers have been offered raises of 4% or 5% for the current financial year, which is significantly lower than the annual inflation rate which has been above 10% for seven consecutive months. Food prices are rising at a particularly painful pace: the cost of bread was up 19.4% year on year in March.

The wealth of monarchy

The King’s enormous private wealth and lavish lifestyle stand in stark contrast to the realities most people in the UK are currently living.

Buckingham Palace refuses to comment on the royal family’s financial situation, arguing they have the right to privacy. The Guardian newspaper recently estimated Charles’ private wealth to be more than £1.8 billion – although the Palace told the newspaper that figure was “a highly creative mix of speculation, assumption and inaccuracy.”

Forbes estimated last year that the personal fortune of the late Queen Elizabeth II was worth $500 million, which included her jewels, art collection, investments and two residences, Balmoral Castle in Scotland and Sandringham House in the English county of Norfolk. The Queen inherited both properties from her father, King George VI and passed them onto Charles.

That’s where the biggest financial advantage of being the monarch kicked in. The King is exempt from paying taxes and while he chooses to pay income tax voluntarily, he did not have to pay any inheritance tax – normally set at 40% – on what his mother left him. That saved him tens of millions of pounds that would otherwise go to the UK Treasury.

Bumper cost of Charles’ Coronation

Since it is a state event, the coronation will be paid for by the British government, using taxpayers’ money. More than half of Britons do not think it should be funded by the Government, a poll has suggested.

According to the Mirror report, the Coronation of Charles and Camilla comes at a time when the cost of living crisis continues to tighten its grip on people’s finances. The UK has just narrowly avoided entering a financial recession with Chancellor Jeremy Hunt warning the country is still not “out of the woods” when it comes to the economy.

The ceremony will be shorter than the late Queen’s Coronation and will also have a much smaller guest list. But the cost of the ceremony coupled with an extra bank holiday for the country on Monday, May 8 could run into millions. In fact, according to a previous report by the Centre for Economics and Business Research, each UK bank holiday costs the country £2.3 billion.

On the other hand, Prince Harry will attend King Charles’ Coronation without Meghan Markle. Prince Harry will sit ten rows behind his brother for King Charles’ coronation.  Prince William. Despite the appearance of a snub, Prince Harry’s far-back position could be helpful if he wishes to make a quick exit, the ex-royal aide revealed. Mr Burrell told GB News’ Dan Wootton: ‘He doesn’t want to spend much time around them.

According to royal expert, ‘There is no chance of a reconciliation anytime soon, I’m afraid – I think he will get a very icy reception from the Windsors. There is no chance of a reconciliation anytime soon, I’m afraid – I think he will get a very icy reception from the Windsors.’

Mr Burrell added his opinion that Duke of Sussex ‘is not going to hang around’, with some speculating he could be in and out of the UK within 24 hours. He said: ‘He is coming to put his foot in the door and he is coming because his father wants him to be there.’

(With added inputs from agencies)

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