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The coronation countdown has begun.
All eyes of the world will be fixed on London for King Charles’ crowning ceremony on Saturday. The mega event, which will be conducted by the Archbishop of Canterbury, will simultaneously kickstart a three-day celebration across the UK, and will end with a public holiday on May 8. The last coronation in the British monarchy took place on June 2, 1953, when Queen Elizabeth II was crowned at Westminster Abbey in London. The ceremony was watched by millions of people around the world and marked the beginning of the Queen’s reign.
Anointing procedure
The coronation was a solemn and elaborate ceremony that included the anointing of the King with holy oil, the placing of the crown on his head, and the presentation of various symbols of his authority, such as the scepter and the orb. The event also included various religious and ceremonial elements, including hymns, prayers, and the recitation of oaths. The service, the first of its kind in 70 years, is largely ceremonial, following the 74-year-old king’s official accession to the throne on September 8, 2022, the day of Queen Elizabeth II’s death.
As preparations are in full swing, the usual questions are being asked about whether it will be money well spent. The BBC in its report said amid the cost-of-living crisis causing misery for many in the UK, there is criticism that the event should not be publicly funded. However, some business groups have said it is likely to be a money-spinner for them.
The cost of coronation
According to the BBC, the estimated cost of the coronation of Charles III is widely reported to be between £50 and £100 million, although that figure does not originate from an official source. TIME magazine has also stated that the crowing is expected to cost British taxpayers at least £100 million ($125 million).
King Charles’ coronation is expected to cost British taxpayers at least £100 million ($125 million) https://t.co/35au5UKe4f
— TIME (@TIME) April 30, 2023
Many Brits are, however, raising questions on the wisdom of spending such a large amount of money on a glitzy event, as the country is still coping with economic challenges following the Covid-19 pandemic.
The increase in inflation and current recession were largely driven by rising prices for food, transport, and clothing. The ONS also noted that supply chain disruptions caused by the pandemic and Brexit had also contributed to higher prices.
Can coronation give an economic boost?
King Charles’ coronation ceremony will be the most glorious display of pageantry seen in Britain for a generation and will provide an economic boost to the nation, its organizer and Buckingham Palace have said, news agency Reuters reported. “This is a proud moment in our national history,” said Earl Marshal Edward Fitzalan-Howard, the Duke of Norfolk and England’s most senior peer. “This is also a time to remind ourselves of the pride we have in our great country and our unwritten constitution which has served us so well for over 1,000 years during our long history,” Fitzalan-Howard, whose family have organized state occasions since 1483 , told reporters.
The government, however, insists that the occasion will bring in millions for businesses, particularly the hard-hit retail, tourism, and hospitality sectors. According to some estimates, retail sales are typically boosted by around 15 percent per day on public holidays. However, critics have questioned the cost of a lavish coronation when the public is facing a cost of living crisis but a palace spokesperson said there were reports that more than £1 billion ($1.25 billion) was expected to flow into the struggling economy as a result. .
There will be only 2,300 guests in Westminster Abbey as opposed to the 8,000 who watched in 1953, although 100 heads of state will still be present, and it will be much shorter.
‘Scaled-back’ celebration
Buckingham Palace does not divulge an exact amount for the cost of the coronation. According to news reports, King Charles III himself is said to have sought a more scaled-back celebration, with a ‘shorter’, ‘smaller, less expensive and more representative’ ceremony — part of his wider plans for a slimmed down monarchy.
CNBC in a report mentioned that the ceremony will be attended by over 2,000 VIP guests, around a quarter of the number present at the late queen’s coronation, and the process will last around an hour. The expense of the weekend’s proceedings, which include a “King’s procession” and a star-studded concert in Windsor Gardens, are expected to run to £100 million. This is potentially more than the £50 million in today’s money, then £1.5 million, spent when the queen took the throne in 1953. At current rates, the 1953 coronation cost the British Treasury around £27 million. It’s also well above the equivalent £24.8 million, then £450,000, spent on George VI’s coronation in 1937.
Who pays for the coronation?
The coronation is a state event, hence, will be paid for by the government, which means ultimately by the British taxpayer, with Buckingham Palace also contributing an undisclosed amount through the Sovereign Grant and Privy Purse. It had been rumored the event may be “slimmed down”, due to the economic situation.
CNBC reported that some disgruntled Brits said, with 51 percent opined the coronation should not be funded by the government, while 18 percent were undecided. A public holiday called to mark the event on May 8 is estimated to cost the UK economy a further £1.36 billion in lost productivity.
UK’s current economic status
At the timing of crowing, the UK’s gross domestic product (GDP) stands around 0.6 per cent below its level of late-2019, and it is the only G-7 economy not to have recovered from the Covid-induced slowdown. Inflation also remains stubbornly high, with the headline rate rising 10.1 per cent annually in March and food and beverage costs rising at the sharpest clip in 45 years.
Among all these extravaganzas, a pertinent question persists. Can this royal event give a shot in the arm to the economic activities? Can the ceremony turn the tide in UK’s favour? Let’s wait and watch.
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