Science

The cost of the funeral of Elizabeth II and their economic consequences

The United Kingdom is about to experience a historic moment. The new King Charles III announced that the day of the funeral of Elizabeth II will be held on September 19, this day will be a public holiday for all Britons. But in the context of the socio-economic crisis in the UK, what will be the consequences of this event for the country? How much does the funeral of Queen Elizabeth II cost?

The cost of the funeral of Elizabeth II

The death of Queen Elizabeth II on Thursday, September 8, 2022 shocked the entire planet. The new king, Charles III, declared national mourning for up to seven days after the funeral of the royal family. The Queen’s body will be displayed at Holyrood Palace in Edinburgh before being moved to Buckingham Palace.

On the day of the funeral, the whole country will go silent, from buses to companies to the London Stock Exchange, everyone will stop to pay their respects to the Queen. According to BFMTV, the cost of the funeral of Queen Elizabeth II could be 35 million euros.

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The funeral of Elizabeth II: what is the economic effect?

To foresee the economic consequences of this event, it is necessary to look into the past. In 2002, during the Queen’s Jubilee, the British took advantage of a day off from work to celebrate the 50th anniversary of the reign of Elizabeth II. According to the ONS report, its negative impact amounted to 2.3% of GDP for the month. When Princess Diana died in 1997, a similar situation was observed.

The country’s economy may slow down again during the accession to the throne of King Charles III and the funeral of Queen Elizabeth II. There will be new public holidays, synonymous with falling GDP. Subsequently, with his accession to the throne, banknotes and coins, as well as stamps and passports, will have to be changed to make room for the portrait of the new king. Obviously, all these changes will affect public finances. There are 4.5 billion banknotes in circulation today, worth £80 billion.

Protracted socio-economic crisis in the UK

With the economic and social crisis in England, the voluntary sector is concerned about the consequences of all these developments. After the Queen’s death, sporting and cultural events were cancelled, department stores closed, railroad and postal workers suspended a planned strike in the face of a crisis that has affected British spending power.

With an already fragile and troubled UK economy and facing historical inflation of over 10%, new Prime Minister Liz Truss has announced a €150bn plan to freeze energy prices for up to 2 years. The royal family’s recent spending, largely paid for by citizens’ taxes, should still have an impact on the country’s economy.

Read next: How rich is Queen Elizabeth II?

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