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How much will the coronation of King Charles III cost England?

2023-05-03 21:20:55Kosova&Bota SHKRUAR NGA REDAKSIA VOX
How much will the coronation of King Charles III cost England?
How much will the coronation of King Charles III cost England?

Work has been underway for months for the grand coronation ceremony of King Charles III, to be held on May 6 in Westminster. Although King Charles has stated that he wants to simplify the coronation as much as possible, to reduce royal expenses, the numbers are still staggering.

The ceremony at Westminster, the security for the heads of state, the decorations, the concert... The list is endless and the costs exorbitant. This event has worldwide visibility and in addition to expenses, it also brings significant income to the country.

"This year the monarchy will cost £850m of GDP revenue, which will be missing from the budget due to the bank holiday, plus £100m to host the ceremony at Westminster Abbey and the entire Coronation weekend, as and the budget of the Golden Orbit Committee that deals with the celebrations. So in total it will cost £950 million," explains Brand Finance CEO David Haigh for the new Windsor Financial Report.

In short, the coronation will be felt economically and this will lead to criticism from those who believe that the monarchy has become too expensive, especially in these years of crisis, expensive bills and high rents.

However, the other side of the coin should be considered, which are the benefits of the coronation ceremony.

"Over half a billion pounds, 665 million to be exact, is what the coronation of King Charles III on May 6 will bring to the UK economy. In normal years, the Windsors' contribution to the monarchy is just over 100 million pounds a year, but as a result of the coronation ceremonies with a huge promotional spot in the United Kingdom, it will be much more this year," he explains. Haigh.

Profits will offset losses due to the day off for the long coronation weekend and ceremony costs. However, the problems do not end there. As Haigh points out, the issue of spending will be crucial to the reign of Charles III, who will have to lead the monarchy towards more modern financial management.


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