By: May Rostom
The British economy hasn’t been doing well recently after the recession hence spending cuts were implemented to speed up the recovery process.
The Royal Wedding on the other hand will definitely hurt the British economy since Friday 29th April will be a national –bank- holiday taken off so that everyone can celebrate the marriage of William and Kate, making this week a short one with only three working days since Easter Monday, May Day Monday, and Easter Friday are already holidays.
According to Investec, a consulting firm, that day off will cost the economy $50 billion, knocking off 0.25% growth in that quarter.
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With using only 3 vacation days, most Britons have stretched their holiday into a long 11- day vacation, therefore shutting down April early this year.
So who’s paying for the wedding? The Queen will be paying for most of the wedding from her private income earned from private estates and investments. Prince Charles will be paying for dinner and dance, hopefully not involved in the wedding’s playlist.
Kate Middleton’s parents are buying their daughter her wedding dress. Being in the party supplies business has helped them generate millions in the past few years.
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Tax payers will also be paying around $33 million for the wedding in terms of clean-up, security, top notch surveillance, and policemen which will all be working overtime to eliminate all possible threats on the big day.
A business lobbying group has predicted total losses to around $10 billion while estimating revenues from tourism, food spending, wedding memorabilia, and anything William and Kate to be around $1.5-2 billion.
Whether it will boost the economy or pull it down, people from around the globe can’t wait to witness this major event, so let’s just hope the wedding of the century won’t knock over Britain.
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