King Charles coronation: Who is paying for coronation, how Royal Family are funded and where money is from
The coronation of King Charles III will be a historic event remembered for years to come - but who is paying for the coronation and where do the royal family get their money from?
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King Charles and Queen Camilla will be crowned inside Westminster Abbey this Saturday, May 6. It will be the first coronation in the UK since Queen Elizabeth II ascended to the throne in 1953.
On coronation day, King Charles and Queen Camilla will travel in special carriages from Buckingham Palace, along the Mall to Trafalgar Square, along Whitehall to Parliament Square and then to Westminster Abbey. Charles will then be crowned King
The event is intended to show the UK in all its glory, but an event of such magnitude doesn’t come cheap. Below is a look at how much the coronation will cost, who is paying for it and where the royal family get their money from.
How much is King Charles' coronation costing?
No budget has been officially revealed for the cost of the coronation. The UK government refused to comment on the expected total cost of the day, however, it is suggested it could cost around £100million.
Who is paying for the coronation?
The cost of the coronation will fall to the taxpayer. A Buckingham Palace spokesman said: “Given the coronation is a national state occasion, funding sources will include the sovereign grant and the UK government.”
How are the royal family funded?
The royal family have three main sources of income - Sovereign Grant, the Privy Purse and their own personal wealth and income.
The Sovereign Grant is the payment which is paid annually to the monarch by the government in order to fund the monarch's official duties. While the figure is reviewed every five years, the Sovereign Grant is normally calculated at 15% of the crown estate profits.
In 2021-2022 the Sovereign Grant was set at £86.3million.
The Privy Purse
The Privy Purse is the British Sovereign's private income, mostly from the Duchy of Lancaster. This amounted to £20.1 million in net income for the year to 31 March 2018.
The Duchy is a landed estate of approximately 46,000 acres held in trust for the Sovereign since 1399.
Members of the royal family are free to earn their own private income. This can come from a number of things including investments, cars, jewellery and property.