UK adults are set to spend £823 million celebrating the Queen's Jubilee next week, a new study has found.

Comparison website moneysupermarket.com has published the results of a survey which shows that over 20 million people will celebrate the 60th anniversary of the Queen's reign on June 4th.

On average, consumers will spend £40 each on Jubilee-related purchases, meaning that UK adults are set to spend £350 million more on celebrating the event than they did on the Royal Wedding last year.

The most popular purchase will be food and drink, while seven per cent of respondents plan to purchase decorations and eight per cent are set to buy souvenirs.

Clare Francis, at moneysupermarket.com, said: "While it can be tempting to splash out on celebrating such a big event, you should still make sure you're making the most of your money and not paying a queen's ransom!

"Take some time to research special deals on everything from food and drinks to days out and you could save your family quite a lot of money."