King Charles III's Coronation will be a historic and extravagant event, but the monarch is planning on making it a much more scaled-down event than that of his mother's.
His Coronation on May 6 comes at a troubling time for the country, which finds itself in the middle of a cost of living crisis.
With the public facing worries of being able to pay their mortgages, rent, energy bills and having enough leftover to put food on the table, some critics have questioned whether the cost of such an event is appropriate.
When Queen Elizabeth II was crowned on June 2 1953, stands were erected in Westminster Abbey to allow a whopping 8,000 people attend the three-hour long service.
However, it is believed King Charles III has requested a shorter event than the late Queen's, and will have a smaller guest list.
That being said, the ceremony, as well as other events taking place over the bank holiday, which falls on Monday, May 8, is expected to run into millions.
How much will King Charles' Coronation cost?
The Operation Golden Orb committee, which is planning the ceremony, reportedly estimated that King Charles III's Coronation to cost £100million, although this hasn't been confirmed.
Meanwhile, the ceremony for Queen Elizabeth II is estimated to have cost a total of £1.57million, the equivalent of £46million today.
A source told The Sun: "In today's money the 1953 Coronation cost around £50million but estimates for King Charles's 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."
Asked about the unsubstantiated reports, then-First Minister of Scotland Nicola Sturgeon said: "I think it should be responsibly done, and cost effectively done, and I'm pretty certain about this actually that the King will want that to be the case."
In addition, according to a previous report by the Centre for Economics and Business Research, each UK bank holiday costs the country around £2.3billion.
On the flip side, the Coronation is also believed to be a boost for the economy due to increased tourism to the country.
A consultancy firm has estimated that the Coronation will drive an extra £1billion for the UK economy.
Who is paying for King Charles' Coronation?
As it's a state event, the UK government will be paying for King Charles III's Coronation, unlike royal weddings. Essentially, this means the Coronation will be funded by the taxpayer.
However, the new monarch apparently wants the publicly-funded ceremony to be a marker of his mission to create a more financially viable royal family, according to insiders.
Cabinet Office minister Oliver Dowden has said that the King and the government are "mindful of ensuring that there is value for the taxpayer," when it comes to the Coronation.
He said: "[I]t has always been the case that the government have paid for Coronations. The reason for doing so is that the sovereign is our Head of State and it is important that we mark that properly […] It is right that we celebrate this moment in the life of our nation and do so in an appropriate fashion and in away that the nation can come together in celebrating […]
"These are moments in the life of our nation. They bring joy to millions of people. They also mark us out as a nation around the world […] It is a marvellous moment in our history and people would not want a dour scrimping and scraping. They would want an appropriate ceremony. That is what we will have."
The government also decides who is on the guest list, which will range from people in the royal family to representatives of the houses of Parliament, the Commonwealth realms and foreign heads of state.
It is believed the number of guests at Westminster Abbey has been capped at 2,200, according to government sources.
Despite attempts to scale down the event, critics have slammed the eye-watering projected costs.
Graham Smith, chief executive of the political organisation Republic, has claimed that the Coronation is "completely unnecessary" and "constitutionally nor legally required" given that the monarch has already officially ascended the throne.
It isn't actually necessary for the monarch to be crowned to become King, as was the case with Edward VIII. Charles automatically became King the moment his late mother died.
What will happen at King Charles' Coronation?
Buckingham Palace has announced the details for the slimmed-down events, which it says will reflect the "different times" we live in, compared to Queen Elizabeth II's Coronation.
According to Alastair Bruce, a former officer of arms of the Royal Household, the ceremony will still "have its reflections" in the 1953 Coronation, but the celebrations will be scaled down and modernised.
The ceremony itself, which will be both religious and symbolic, will take place on Saturday May 6.
There will also be other events over the bank holiday weekend, including the Big Help Out.
Mr Bruce said that the Big Help Out, which is planned for Monday May 8, is central to what "the King wants to emphasise" in his reign as the financial crisis continues. He said: "[The Coronation] can be used to act as a cohesive opportunity to galvanise people to support those who are having a tough time.
"The Big Help Out is there in order to encourage people who have celebrated over the previous two days to come out and do something for their community, to engage with the action.
"I think in doing that, more people will become aware of the incredible amount of effort that is being made on behalf of those who really need it."
The Big Help Out will encourage people to volunteer and take part in work being undertaken in their local areas.
On Sunday, May 7, there will be a special Coronation Concert, which will be broadcast live at Windsor Castle, with tickets available through public ballot.
There will also be a Coronation Lunch, where neighbours and communities will be invited to share food and fun, on the same day.
You can find all all you need to know about King Charles III's Coronation in our complete guide.
