Coronation, but at what cost? Here's how much UK is splurging on King's crowning moment

An unstable economy and political chaos over the past year have not dulled Britain's commitment to making sure its monarch gets coronated in the most extravagant ceremony at Westminster Abbey this week. The upcoming coronation of King Charles III on May 6 is unsurprisingly, a costly event.

Spanning three days, the grand occasion will see street parties, processions, a Windsor concert, and the final crowning moment- all of which will cost British taxpayers a minimum of £100 million ($125 million). “I suspect it’ll be at least that," said anti-monarchy group Republic CEO Graham Smith.

In a conversation with Time Magazine, the top executive said that it is an "inordinate amount of money that will be spent by taxpayers at a time when the people of the United Kingdom scramble to "get a pay rise". "There are hospitals struggling to make ends meet, schools struggling to get resources for their kids, police services struggling to keep the lid on various types of crime," the monarchy critic said. 

According to Graham, the whopping sum can benefit the common public if it is channeled towards "public services, homelessness, poverty," instead of a lengthy parade held "for one man”. On the other hand, a few UK government ministers have argued that cutting costs isn't exactly the right route to take for an event that will go down in royal history.

But does the UK want a modest coronation? 

“People would not want dour scrimping and scraping," noted Chancellor of the Duchy of Lancaster Oliver Dowden. After all, coronations have a history of not happening at the most convenient of times. Seven decades ago, post-war gloom took over all of Britain, but still failed to bring down the pomp and fervour of Queen Elizabeth II's crowning. “I don’t think, in retrospect, people cared what it cost simply because it was a vast success and a huge spectacle,” said royal expert Richard Fitzwilliams about the Queen's coronation of June 1953.

Today, in the midst of rising costs and a flat economy, many Britons still think the royals deserve, well, royal treatment and generous splurges. In a recent poll conducted by market research firm YouGov, 54% of them agreed that the monarchy is a good value for money and a major contributor to the UK's tourism industry, which could experience a significant boom as the people from all around the world flock in this week, just in time for the King's coronation.