King’s coronation cost to taxpayer revealed in new report

Official accounts have revealed for the first time how much the King’s 2023 coronation cost UK taxpayers.

According to the accounts, the government spent £72m on the coronation – the first in Britain since Queen Elizabeth II’s in 1953.

The figure includes £50.3m of costs attributed to the Department for Culture, Media and Sport (DCMS), which coordinated the coronation, and £21.7m in costs for the Home Office for the policing of the event.

By comparison, Queen Elizabeth II’s funeral and events during the period of national mourning cost the government an estimated £162m – £74m for the Home Office and £57m for the DCMS as well as costs to the devolved governments.

The figures come from the culture department’s recently released annual report and accounts.

The department said it had “successfully delivered on the central weekend of His Majesty King Charles III’s Coronation, enjoyed by many millions both in the UK and across the globe”.

It described the event as a “once-in-a-generation moment” which provided an occasion for the “entire country to come together in celebration”.

Both the King and Queen were crowned at Westminster Abbey in May last year, in a ceremony attended by dignitaries from around the world.

A star-studded concert at Windsor Castle, featuring Take That and stars such as Olly Murs, Katy Perry and Lionel Richie, took place the following night.

It had been described ahead of the event as being a “slimmed-down affair” – with the country still in the grips of the cost-of-living crisis – and accounts show an “underspend” related to the coronation of around £2.8m.

Did coronation boost the economy?

Despite talk of a coronation boost, the UK’s economy actually contracted in the month of May 2023.

However, experts said that was mostly due to the cost of the additional public holiday for the event, which weighed on output.

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Each bank holiday costs the UK economy around £2.3bn, with the extra bank holiday for the late Queen’s funeral estimated to have cost around £2.4bn, according to government figures.

With the extra coronation bank holiday, data from the Office for National Statistics (ONS) showed negative growth of 0.1% during May 2023.

However, that was slightly better than economists had predicted ahead of the event.

Prior to the event, economic forecasters, the Centre for Economics and Business Research (CEBR), had predicted a boost of £337m for the UK’s economy due to the coronation – including £104m in extra pub spending and an estimated £223m spend from tourism to the UK during the period.

Hotel revenue was also said to be up by 54% compared to the same point in the previous year, while bookings for UK-bound flights for the coronation weekend jumped by 149% within 24 hours of the day being announced, according to TravelPort.