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Buckling under 10% inflation, labor unrest, and never-ending drizzle, Britain’s economy is experiencing some of the slowest growth of any advanced economy. That’s why small-business owners and hospitality companies are counting on King Charles’s coronation tomorrow for a boost—if not in revenue, then at least in morale.
What’s going down: The coronation, which celebrates King Charles III’s ascent to the throne, will start with a procession from Buckingham Palace to Westminster Abbey. There, Charles will be anointed as the head of the Church of England, presented with a scepter and an orb, and given a crown worth $57 million to wear for a hot second before he ascends the literal throne in front of 2,200 guests (not including Meghan Markle).
With 1.2 million people expected to party it up in London, celebrations for the coronation—think pubs open all day long, hotels booked up, and cardboard cutouts of Charles and Camilla—will bring in an extra $437 million, UKHospitality estimates. Still, the event itself isn’t going to alter the already downward course of the British economy. The Queen’s Platinum Jubilee last year barely affected economic growth, according to the New York Times.
The precise cost to taxpayers for the event won’t be known until it’s over, but according to Time, the amount is expected to be north of $125 million. Queen Elizabeth II’s coronation cost £1.57 million in 1953—or in today’s dollars, more than $70 million.
King Charles inherits a beast of burden
Support for the monarchy has declined in recent years as controversies surrounding Prince Harry and Meghan, as well as Prince Andrew, have surfaced.
To an increasing number of frustrated Brits, the monarchy is like inflation—it just won’t go away. One anti-monarchy group, Republic, is using the coronation as an opportunity to protest. They plan to chant “Not my king” at the procession on Saturday.
While most Britons support the monarchy, they still question the extent to which taxpayers, who support the monarch financially in the form of a grant, should contribute to the sovereign’s wealth.
- King Charles’s net worth is the subject of much intrigue and is estimated to be anywhere between $750 million (according to The Times of London) and $1.4 billion (according to The Guardian).
- Most of the royal family’s wealth can be attributed to vast real estate portfolios, such as the Duchy of Cornwall, the Duchy of Lancaster, and the Crown Estate, which account for nearly 500,000 acres of land.
As for the coronation itself, programming starts at 5am ET on several TV channels in the US. The BBC will provide coverage all day, but for Brits who aren’t tempted by the crown jewels, rival Channel 4 will offer a variety of their own programming, including comedian Frankie Boyle’s documentary, Farewell to the Monarchy.—CC
