The United Kingdom's economy hasn't been in great shape for the past couple of years, with higher food prices and gas prices plaguing people along with an approaching recession. Due to a slowdown, the UK has also been surpassed by India as the fifth largest economy in the world, as post-pandemic stress and geopolitical tensions continue to hit it hard.
But amidst these headwinds, Britain will witness the coronation of King Charles III, which is going to cost a lot more than the revenue it generates.
The big splurge
Since it is a state event, the $125 million cost will be paid for by the government from the sovereign grant and hence taxpayers will partly bear the burden of the expenses.
According to reports, about 52 per cent in the UK aren't happy about that kind of money being splurged from their taxes for the coronation.
Now one can argue that the event is attracting tourists, as revenue for hotels in London has surged 54 per cent ahead of the event.
Within a day of the announcement, bookings for flights headed to the UK went up by 149 per cent.
Is it worth the cost?
But at the same time, the coronation will mark a holiday which will trigger a further 0.7 per cent drop in Britain's GDP, which has been under stress.
Apart from this, 7,000 soldiers from Britain's army have also been deployed for the biggest ceremonial operation in seven decades.
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