King Charles III's Coronation Budget Is Projected to Cost This Whopping Amount Despite a Downsized Ceremony

King Charles III has down his best to downsize the celebrations for his May 6 coronation, but with inflation in place, it’s still going to cost British taxpayers a lot of money. That financial information is not exactly welcome news to many U.K. citizens who are suffering through a cost-of-living crisis right now — it feels a little tone-deaf to have such an opulent ceremony.

The estimates for Saturday’s event and Sunday’s Windsor Gardens concert, led by Lionel Richie and Katy Perry, are coming in at a staggering $125 million, according to Fox Business, although the BBC noted that it might be a lower figure, closer to $63 million. Of course, security is going to be the top priority for the coronation, especially with leaders coming in from all over the globe.

Besides the British government picking up the tab, Buckingham Palace will also chip in some money, via the Sovereign Grant and Privy Purse. Some of the costs may also be offset by the tourism dollars brought into the country to witness the historic event. However, predicted storms and rain showers might dampen some of the crowds’ enthusiasm for standing outside while waiting for the king’s procession.

James Watkins, head of policy at the London Chamber of Commerce and Industry told the BBC that he believes King Charles III’s big day will provide a “massive boost” to the economy, especially after the pandemic. He hopes people consider it “overall, a good news story” — and that’s likely how the royal family feels after several years of the feud dominating the headlines. They would love for the coronation to turn things around.

Before you go, click here to see every single detail we know about King Charles III’s coronation so far.