As the Prince of Wales Charles was finally sworn in as the King of the United Kingdom, an extravagant coronation ceremony awaited him. The assembling of 7,000 ceremonial troops, accompanied by a flyover of 60 aircraft, and the implementation of first-rate security measures to accommodate the entire royal family and 100 other heads of state were observed.
However, amidst all the pomp and show, one question begged an answer: Who was paying for all of this? The answer, unfortunately, was the British public.
Yes, you read that right. Because this is a state occasion, King Charles’ coronation is only paid for with public funds.
However, the cost of this coronation is something really spectacular that hasn’t been seen for decades. A whopping $250 million, to be precise.
The $250 bombshell
This extravagant event is estimated to cost the taxpayer over $250 million, on the back of one of the highest annual royal expenditures in history last year. Starting with the over $28 million spent on the Queen’s Platinum Jubilee, over $10 million spent on the Queen’s funeral, and their other annual miscellaneous costs of over $100 million.
It is estimated that this change in monarch will cost the taxpayer a colossal $6 billion in total after King Charles replaces Queen Elizabeth on banknotes, coins, stamps, passports, and more.
Now, these events are unfolding in a country where many citizens are struggling to make a living. The economy of the UK is experiencing an unprecedented crisis.
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The Ageing Kingdom
In 2023, it is estimated that the ‘Great’ UK is going to be hit by a recession, and the growth in 2022 was just 0.1%, which is almost negligible.
The per capita income in the UK is on a constant decline, and the economy is going to be one of the poorest-performing economies.
The CPI also known as the Consumer price index is above 10 points, which is one of the highest in Europe, making the cost of living more vulnerable for Britons.
Furthermore, it is worth noting that the UK’s trade deficit has widened by 2.7% to $70.5 billion as of February 2023, while the trade surplus in services has decreased by $1.4 billion to $37.9 billion. To add insult to injury, economists are labeling the UK as an aging nation, long past its prime.
So, in such a dire situation, King Charles’s $250 million coronation extravaganza seems like a slap in the face of the common British people. The event is going to be no good, absolutely obsolete for the world, and Britons need to brace themselves for the jolt in taxes for this unwanted party.
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Let’s take a step back and assess the situation. We’re discussing an enormous sum of $250 million, which could have been put to better use in enhancing infrastructure, healthcare, or generating employment opportunities. These are endeavors that could genuinely fortify the UK.
But instead, the UK is throwing a lavish coronation ceremony for King Charles that’s nothing but a show for the elite. It’s almost as if the new king is totally oblivious to the struggles of his own people. No wonder folks aren’t exactly thrilled about Diana’s former spouse taking the throne.
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