KING Charles’ coronation is coming up and it is set to be an event that will go down in history.

However, some are wondering who will foot the bill of the massive occasion.

Who will pay for King Charles’ coronation?

King Charles’ coronation is set to be a much smaller event than his mother’s.

Despite the country being in a cost of living crisis, the day is still due to cost a large amount of money.

Due to it being a state event, the UK government will be paying for King Charles III’s coronation.

This is unlike royal weddings which means the coronation will be funded by the taxpayer.

The Operation Golden Orb committee, which is planning the ceremony has estimated that King Charles III’s coronation is set to cost about £100million, but this hasn’t been confirmed.

Queen Elizabeth II’s coronation cost an estimated £1.57million which is £46million in today’s money.

A source told The Sun: “In today’s money the 1953 coronation cost around £50million but estimates for King Charles’ are twice that because of things like security, which weren’t such a big issue back then.

“But worldwide TV rights will more than cover the cost and it will be a massive boost to tourism. Hotels are already being booked out for the Coronation weekend.”

Will there be a bank holiday for the coronation?

Yes, there is a bank holiday for King Charles’ coronation.

It is set to take place on Saturday, May 6, 2023 at Westminster Abbey and the bank holiday will fall on the following Monday.

It was announced by the Government last year that an additional bank holiday will take place.

The bank holiday will fall on Monday, May 8, 2023 and is being seen as an opportunity for families and communities across the country to come together to celebrate.

As he announced there would be an additional bank holiday, Rishi Sunak said: “The coronation of a new monarch is a unique moment for our country.

“In recognition of this historic occasion, I am pleased to announce an additional bank holiday for the whole United Kingdom next year.”