(Bloomberg) -- The UK’s flair for pomp and ceremony will be on full display on Saturday for the coronation of Charles III. But will all that tradition and splendor be a benefit or burden to the UK economy? 

In terms of the actual event itself, the coronation is set to be a net positive for the British economy. While the actual costs aren’t disclosed, a number of media reports have estimated the cost of Operation Golden Orb — the codename for the event — at up to £100 million ($126 million). But estimates for the boost from tourism and to bars, restaurants and pubs runs into the hundreds of millions, according to estimates.

On another measure, however, the coronation is expected to cost the nation more than it generates. That has nothing to do with the cost of golden carriages, accommodation for participants or heightened police protection - it is rather the opportunity cost to the economy from the accompanying national holiday on Monday. 

That day off will help drive a 0.7% fall in GDP in May, according to Bloomberg Economics. “The killer is the bank holiday - that is what detracts from the economic value,” said David Haigh, chief executive officer of Brand Finance. “The coronation minus the bank holiday is a net positive.”

King Charles’ Coronation in Numbers 

• Hotel revenue is up 54% compared to the same time last year. “The King’s Coronation is giving a much-needed boost to the London Four and Five-Star hospitality sector, which really suffered because of Covid,” said Michael De Jongh, chief commercial officer at hotel booking platform allora.ai.
• UK-bound flights for the coronation weekend jumped by 149% within 24 hours of the date being announced, according to booking company TravelPort
• 7,000 members of the armed forces will take part in the largest ceremonial operation for 70 years.

--With assistance from Lizzy Burden.

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