Downing Street said the holiday will fall on Monday May 8 following the coronation at Westminster Abbey two days earlier on Saturday May 6. It will take place across the UK.
Prime Minister Rishi Sunak said that – as was the case with the coronation of Queen Elizabeth in 1953 – it will be an opportunity for families and communities across the country to come together to celebrate.
The announcement follows calls from Tory MPs for the Government to either move the early May bank holiday from May 1 to coincide with the coronation weekend or to declare an extra day off.
Mr Sunak said: “The coronation of a new monarch is a unique moment for our country.
“In recognition of this historic occasion, I am pleased to announce an additional bank holiday for the whole United Kingdom next year.
“I look forward to seeing people come together to celebrate and pay tribute to King Charles III by taking part in local and national events across the country in his honour.”