The coronation will serve as an “enormous economic boost to the nation” but organisers have been mindful of the cost-of-living crisis by making key efficiencies, Buckingham Palace has insisted.
A Palace spokesperson said the global interest in the celebration would more than repay the money spent on the occasion.
Critics have, however, branded the King and Queen Consort’s crowning, the cost of which falls to the taxpayer, a “slap in the face’ for the millions facing economic difficulties across the UK.
Some predictions suggest the bill for Operation Golden Orb could come to £50-100 million, with the cost of security likely to increase the figure further.
“The true figures will be shared in due course where expenditure relates to the Sovereign Grant or Government costs.”
They added that one of the key lessons of the late Queen’s funeral showed that “a national occasion like this, a great state occasion, does attract huge global interest that more than repays the expenditure that goes with it, indeed it vastly exceed it in terms of the boost to our economy and to our nation’s standing.”
The coronation is expected to provide a £120 million surge for pubs across the UK, according to the British Beer and Pub Association, while other reports said the hospitality sector could enjoy a £1 billion windfall.
The Palace spokesperson said: “It’s not for me to say how accurate those figures are but certainly the theory pertains that the celebrations are an enormous economic boost to the nation – and just as importantly, with 100 heads of State coming to Britain for the event, it’s a fantastic opportunity for networking, for Government, and for engaging the interest from those nations with everything that Britain has to offer.”
Many previously made ceremonial elements have also been reused, the Palace said.
Camilla is the first Queen Consort not to have a new crown made for her coronation, but she does have a new purple velvet Robe of Estate.
“The planning process has been ever-mindful that this is a time of economic challenge for many, so efficiencies have been found in key areas – for example through reusing many ceremonial elements, rather than commissioning new ones,” the spokesperson said.
No budget has been revealed for the weekend of celebrations, and with the Government not commenting on the expected total cost, the amount of public funds due to be spent remains unknown.