How much will the coronation cost? Who pays for King Charles' big day - price compared to Queen's coronation

People of Britain are suffering amid a cost of living crisis, with energy bills and house prices soaring, the average grocery shop reaching extreme heights, influxes of strike action and inflation skyrocketing to record-highs. During such financial burden, the nation has been urged to try their best to celebrate King Charles III's coronation on 6 May, which is expected to cost a pretty penny.

Buckingham Palace is pulling out all the stops to mark the three-day jamboree surrounding the ceremony, including a star-studded Windsor Castle Coronation concert which boasts the likes of Lionel Richie, Katy Perry and Take That. It does not end there either, with a grand public procession throughout London and a Red Arrow flypast to name just a few of its costly features.

This is despite this year's coronation - which has been given the codename Operation Golden Orb - being a more scaled-back event compared to that of the late Queen Elizabeth II's in 1953. For example, the duration of the procession is much shorter and the guest list is far more exclusive to better reflect the King's aim for a "more modern slimmed down monarchy".

Even the iconic balcony moment boasts a smaller line-up with only working members of the Royal Family allowed, of which there are now only 11. Prince Harry, Meghan Markle and Prince Andrew are among those excluded.

Here is everything you need to know - including how much King Charles' coronation will cost compared to Queen Elizabeth's and who will be fronting the bill.

How will King Charles III's coronation cost?

It is yet to be revealed what the official budget of King Charles' coronation is, but it is set to cost millions of pounds. Some experts have estimated that it is priced at around £100 million or $125 million, which is double that of Queen Elizabeth II's, who's funeral alone cost UK emergency services £75 million .

A Buckingham Palace spokesperson said in a statement: "Given the coronation is a national state occasion, funding sources will include the sovereign grant and the UK government."

Who is paying for King Charles III's coronation?

The bill of King Charles' coronation ceremony will be fronted by the government, which means the use of taxpayer's money. According to The Daily Mail, cabinet office minister Oliver Dowden has said previously that the King and government are "mindful" of ensuring that the coronation will be of "value for the taxpayer".

Dowden continued: "It has always been the case that the government have paid for coronations. The reason for doing so is that the sovereign is our Head of State and it is important that we mark that properly.

"It is right that we celebrate this moment in the life of our nation and do so in an appropriate fashion and in away that the nation can come together in celebrating. These are moments in the life of our nation, they bring joy to millions of people, they also mark us out as a nation around the world. 

He continued: "It is a marvellous moment in our history and people would not want a dour scrimping and scraping. They would want an appropriate ceremony, that is what we will have".

Despite the forecast of a huge bill, it is expected that the coronation will also bring money into the country. The Department for Digital, Culture, Media and Sport (DCMS) has reportedly estimated that due to aspects such as pubs being allowed to stay open for longer on the day of the ceremony, the bank holiday weekend will boost Britain's economy by as much as £1 billion.

How does it compare to the cost of Queen Elizabeth II's coronation?

When the late Queen was crowned at the age of 25 in 1953, it became the most expensive ceremony to be held at the time. According to the New York Times, it is estimated that Winston Churchill's government faced a £1.5 million bill, which in modern money equates to around £56 million.

It was three-and-a-half times more expensive than her father, King George VI's coronation in 1937. This is because the ceremony brought the UK and Commonwealth into the 21st century as it was the first world event to be publicly broadcast on television.

Why is King Charles III's coronation more expensive?

If the estimated figures are anything to go by, King Charles III's coronation on 6 May is expected to cost the British taxpayer double than what Queen Elizabeth's did seven decades ago.

Despite the fact that this year's has a far slimmer guest list of 2,000, on top of the now much-higher rate of inflation, it is understood that 2023's is more expensive because it requires far more security than what was needed when Her Majesty was anointed in 1953.