Why UK Citizens Show Little Willingness to Fund King Charles’ Coronation

Introduction

King Charles III's upcoming coronation raises the question of whether the British public is willing to fund such a grand and historically significant event. Amidst the backdrop of a monarchy that has maintained a significant presence in the UK for over seven decades, the financial aspect of the coronation has become a topic of considerable debate.

Monetary Valuation of the Crown

While The Guardian provides an estimated valuation of Prince Charles's personal wealth at ￡1.8 billion, including assets boosted by an annual royal stipend of ￡44.2 million as of 2023, it is important to consider the perspective that suggests King Charles could fund his coronation himself. Given his substantial personal wealth and the various forms of revenue the monarchy receives from these assets, ￡100 million for a once-in-a-lifetime celebration seems to be a reasonable sum.

It is also noteworthy that King Charles was exempt from inheritance tax, which further highlights the benefits he has received since the death of his mother, Queen Elizabeth II. With such a substantial financial backing, the ￡100 million cost for the coronation appears to be a relatively small burden compared to the grandeur of the event.

Cost Analysis

The actual costs associated with the coronation may be considered minimal. Most of the expenses are either non-existent or recurring. For instance, the robes worn by King Charles are from the time of King George VI's coronation, thus costing zero. Horses and carriages are owned by the monarchy and maintained at Royal Mews, leading to no additional expenses. Troops lining the route are from regular British military units and are paid for by the government usually, making this a lost cost.

The clergy and choir at Westminster Abbey are salaried employees of the Church of England, contributing to no additional costs. The only potential cost could be police overtime, which may have been minimized by giving notice of the change in rest days. Thus, the Centre for Economics and Business Research might simply be introducing nominal costs to each element of the coronation, resulting in the ￡100 million figure.

Comparative Cost Analysis

For perspective, let's consider the cost implications if the coronation were to occur every four or five years, a typical cycle for presidential inaugurations. The last coronation in the UK was 70 years ago, which means that during this period, 17 inaugurations would have occurred. The cumulative cost of these 17 events would far outweigh the ￡100 million for a single coronation.

Public Opinions and Concerns

A significant portion of the debate centers around public opinion regarding the monarchy. Abolitionists view the coronation as a waste of public money, questioning the relevance and utility of maintaining the monarchy in a modern, democratic society. Royalists, on the other hand, argue that the event brings economic benefits through tourism and national unity.

A more interesting survey might focus on how many people support the additional bank holiday. Given that many abolitionists take holidays regardless of the occasion, it is likely that opposition to the ceremony would not be based on the desire to have a rest day.

Ultimately, the willingness of UK citizens to fund the coronation reflects a broader debate about the role of the monarchy in modern Britain. The costs and benefits of such an event continue to be subjects of public discourse, underscoring the complex relationship between the monarchy and the public.