The individual cost to every taxpayer for King Charles' Coronation

The big day has arrived, Charles is set to get his hands on the Crown Jewels.

After years of waiting, the former Prince of Wales will be crowned king at his coronation later today (6 May).

The lavish event will see the country's politicians and world leaders in attendance, along with some of the UK's biggest celebs, like Ant and Dec.

The amount of security alone is said to be bigger than Queen Elizabeth II's funeral last year, with thousands of police protecting King Charles and Queen Consort Camilla.

Deputy assistant commissioner Ade Adelekan, who is in charge of the operation, said: “We want Londoners and visitors coming to the city to enjoy this historic and momentous occasion safely and securely.

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"On Coronation Day we will have the largest one-day mobilisation of officers seen in decades with just over 11,500 officers on duty.

"The weekend promises to be a spectacular celebration and the Met police is honoured to be policing such an internationally-important event right across the capital."

But how much has it all cost to put together?

Well, last year, it was revealed that King Charles wanted a 'slimmed down' coronation due to the ongoing cost of living crisis.

"The King is very aware of the struggles felt by modern Britons so will see his wishes carried through that although his coronation ceremony should stay right and true to the long held traditions of the past, it should also be representative of a monarchy in a modern world," a source said at the time.

Despite that, however, it's estimated that the event will still set the taxpayer back around £100 million.

To put that into context, Queen Elizabeth's coronation in 1953 cost around £46m in today's money. It's a fair old wedge.

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So what does this mean for the average Joe? Well, with over 27 million taxpayers in the UK, that means each of us will have contributed about £3.59 for today's celebrations.

Guess our invites got lost in the post.

But while we won't be hobnobbing with the great and good of the Royal Family, one good thing to come out of this is the fact we all - well, most of us - get a bank holiday to enjoy.

And that means beer, bunting and bants, amirite?

It's estimated that we'll all be digging deeper than usual over the weekend, with the extra bank holiday expected to bring in around £8 billion into the economy.

So it's happy days all round.