There are two aspects of the cost of the upcoming Royal Wedding the press keeps underscoring:
- Cost to the British economy.
- Cost to Taxpayers
It is important to note that in both categories above, the cost is difficult to accurately determine. Of course the anti-Royalists, the Republicans, put it at a high figure. If asked today, economists and tax authorities would be hard pressed to place a figure on the true cost of Diana and Charles’ wedding.
It is equally important to know that the figures quoted in the press over the past few months have fluctuated wildly.
About the cost to the economy:
But according to the consulting firm Investec, a day without work could knock as much as a quarter of a percent off growth for the quarter, translating to a loss to the economy of as much as $50 billion. “You will basically lose a day of output, and largely speaking that will be that,” Philip Shaw, an Investec economist, has said.
[ Related: Who is paying for the royal wedding? ]
A business lobbying group has put the loss figure at around $10 billion. But either way, it’s likely to far outstrip the positive impact on the economy from the influx of tourists and sales of wedding memorabilia, estimated at around $1.5-2 billion.
The additional holiday also means that this week will contain just three work days, because Easter Monday was a holiday, too. Britain also had last Friday off (Easter Friday) and will be idle next Monday because of the annual May Day holiday, observed on the first Monday of every May. Because of all the holidays, Britons can get an 11-day stretch away from work while using only three vacation days — and many are doing just that. As a result, the accounting firm RSM Tenon has said Britain will effectively close for business for the last two weeks of the month.[Royal Wedding Yahoo.com]
And the cost to taxpayers? Here is the Daily Mail’s screaming headline that puts the cost much less than most estimates.
Most expensive security event in history: Royal wedding cost rises to £20m as police earn double time for working bank holiday
Say now, my mother raised me to avoid mention of cost, not to flip over the plate at a dinner party to check who made it or the silver for same reason, and that pointing out the rudeness of others was the height of rudeness. As a result of this last one, SamHenry remains uncharacteristically silent.
The Morb
April 26, 2011
Glad to see ya postin’ again Sam … I was gettin’ worried …. again !!! … I’m like that !! … Can’t help it it with people I care about ! 🙂 …
samhenry
April 27, 2011
Going through rough times Morb. You know me too well. I will send you an e-mail in a few days. Best love. SH
blackwatertown
April 26, 2011
I’m not too worried about the cost – more anxious that the rain holds off.
(Well, more specifically that holds off in our neighbourhood for our own royal wedding celebration.)
samhenry
April 27, 2011
About that cost – people don’t think long-term. This day is an investment in reigniting interest in travel to Britain and in British goods. Have fun at that party and do write about it.
DarcsFalcon
April 27, 2011
Well, it IS a party and parties aren’t cheap. Besides, they might get another heir out of this one too, so there’s that future to consider. 😉
I hope you had a lovely Easter Sam. Thinking about you! *hugs*
samhenry
April 27, 2011
Thinking of You and DK and all the little DF/DKs.