UK economy can may lose $50b by Royal wedding

April 25, 2011 - 0:0

It has emerged that, Prince Williams and his fiancee Kate Middleton's royal wedding could lead to potential loss of Britain's economy by 50 billion dollars.

The royals receive a government grant of about 13 million dollars a year to cover expenses. But the public cost of the wedding far exceeds that.
Extra policing and overtime alone is estimated at more than 35 million dollars. When all the people are celebrating, they're not working. And because the wedding holiday falls between two long holiday weekends in England, you can take 11 days off by burning only three days of vacation time.
""Invariably that leads to a loss of output,"" CBS News quoted Philip Shaw, chief economist at Investec, as saying.
""So, in terms of the impact on GDP in the economy we're suggesting that it could knock something like a quarter percent off growth,"" Shaw added.
That translates into a potential loss to the economy of about 50 billion dollars.
(Source: Economic Times)