• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home News

Platinum Jubilee: How much is it costing us all?

As the nation is suffering a cost of living crisis should we really spend so much money on the celebration?

Joe Mellor by Joe Mellor
2022-06-02 07:41
in News
The gold state coach on The Mall during an early morning rehearsal. Credit;PA

The gold state coach on The Mall during an early morning rehearsal. Credit;PA

FacebookTwitterLinkedinEmailWhatsapp

The Queen’s four-day Platinum Jubilee celebrations will begin with the pomp and pageantry of the Trooping the Colour ceremony.

After 70 years of service for the country and Commonwealth, thousands of well-wishers will take to the streets over the extended bank holiday weekend to mark the monarch’s milestone.

The once in a lifetime event will see members of the monarchy, celebrities from the UK and across the globe, and people from all parts of the UK gather to recognise the Queen’s legacy.

Cost

But how much is all this costing us?

Rishi Sunak has injected £28 million of taxpayers’ money into the celebrations, according to the March 2021 budget.

The Department of Digital, Culture, Media and Sport submitted evidence to the DCMS select committee inquiry on major cultural and sporting events in May 2021, and said: “The government recognises the importance and value of hosting major events and is investing almost £1 billion in staging celebratory events to mark Her Majesty The Queen’s Platinum Jubilee, Birmingham 2022 Commonwealth Games and Festival UK* 2022 (the Festival) next year.”

It broke this down further, saying £778 million was for Birmingham 2022, £120 million for the Festival and £28 million for the Queen’s Platinum Jubilee.

RelatedPosts

No airport chaos for him! PM flew back from family trip to Cornwall on ministerial jet

Woman allegedly raped by 14-year-old boy – in popular Manchester club

‘Tax all childless adults!’ – UK expert’s unhinged proposals spark backlash

Watch: 80 firefighters tackling blaze at 17-storey block of flats in London

GDP drop

The department for digital, culture, media and sport (DCMS)’s notes that the 2002 Golden Jubilee saw GDP as a whole drop by 2.2% month-on-month, and the 2012 Diamond Jubilee saw a 1.5% drop in monthly GDP.

This comes down to the extended four-day bank holiday, which reduces output temporarily and sees the majority of businesses close for the celebration.

The DCMS claimed: “A best estimate for the final monetised impact is -£2.39 billion net present value for a Platinum Jubilee bank holiday in 2022.

“While the upper bound net present value is estimated to be -£2.21 billion, the lower bound net present value is estimated to be -£2.57 billion.”

However, these stats are often used to work out the lost income during every bank holiday, for whatever reason, so be careful what you wish for!

Related: ‘Make Elizabeth the Last’: Group erects anti-monarchy banners across UK

Tags: Jubilee

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Northern Ireland Protocol ‘like Vichy regime’, court challenge claims

GP fuming after being told he can’t defer jury service so he can battle pandemic

‘We warned about that last year’ – Northern Ireland protocol problems ‘foreseeable’

George Eustice votes against his own proposals to protect food standards

Robert Mugabe, one of the most ruthless tyrants of modern times, dies aged 95

A house price peak, but Londoners are still looking for best value when selling houses

Heatwave sees roads start to melt

Is it True that the Dead Sea is the Fountain of Skin Youth?

Jeremy Hunt stresses UK commitment to One Country, Two Systems for Hong Kong as protestors clash with police

Gossip – Maguire closer to Manchester United? Newcastle United to clinch winger? Spurs after midfielder?

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.