Brits across the UK are dying for the four-day bank holiday to start so they can celebrate the Queen’s platinum jubilee – but at what cost? The financial impact of the nation’s days off is overwhelming
(Image: Amer Ghazzal/REX/Shutterstock)
2022 is a special year, not only because it marks the 70th year of the Queen’s accession to the throne, but it also gives Brits an extra holiday to look forward to.
From Thursday 2nd June to Sunday 5th June, the UK, Overseas Territories and Commonwealth will celebrate the Queen’s Platinum Jubilee together.
After the past two years dealing with the coronavirus pandemic, it’s exactly what people need as the streets will be lined with parties and torches will light up the sky.
However, with the cost-of-living crisis really in the works and expected to get worse, some are wondering if the exorbitant price tag that the bank holiday comes with is worth it.
Queen’s Platinum Jubilee dates, events and transport – all your questions will be answered.
How much is the Platinum Jubilee?
Funding for the event comes from a variety of sources, and some might not be happy to read that a large chunk comes directly from the UK taxpayer – aka us.
Chancellor Rishi Sunak has earmarked £28million in taxpayers’ money for the four-day event, according to the March 2021 government budget.
However, the government promises the money will be worth it as it will be a “once in a lifetime show”.
It will blend “the best of British ceremonial grandeur and pageantry with cutting-edge artistic and technological displays”.
The celebration is broken up into several events including the Platinum Jubilee Pageant which costs £15million alone.
The total of £28m will be split accordingly, with part of this going towards venue redevelopment – for example £3m going exclusively to support village hall improvement projects at 100 different venues.
Money isn’t all for celebrations, however, as £12million has been set aside for new books in primary schools called Queen Elizabeth: A Platinum Jubilee Celebration.
However, it has not been confirmed whether that money came from the £28million taken from the taxpayer.
That’s not the only source of income, as according to the Platinum Jubilee’s website, more than £22million in National Lottery funds will be allocated for the bank holiday.
The website is structured as follows:
- The National Lottery Community Fund’s Platinum Jubilee Fund provides grants of up to £50,000 to 70 community projects.
- The National Lottery Awards For All scheme is offering £10,000 in grants for all events in 2022.
- Arts Council England offers grants of up to £10,000 – The Arts Council has announced £175,000 for libraries to help them celebrate.
- The UK National Archive is offering £30,000 to help the archival sector honor the Queen.
- £7million National Lottery Heritage Fund to help natural green spaces thrive.
How much do public holidays cost the economy?
How much bank holidays cost the UK depends on their date and length, but they typically cost the nation billions.
According to a 2012 study by the think tanks Center for Economics and Business Research, each bank holiday costs the UK economy £2.3 billion in lost productivity.
To give an idea of what the four days off for the Platinum Jubilee will cost, the Diamond Jubilee was thought to have cost between £1.2bn and £3.6bn in 2012.
Due to inflation and the much larger scale of this year’s event, expect the Platinum to cost significantly more in lost revenue.
But in contrast, more people will be on the move to spend and stimulate the economy.
VisitEngland estimates 5.3million people will take an overnight break at some point over the weekend, while others will use the extended pub hours to boost hospitality.
https://www.mirror.co.uk/money/who-pays-queens-platinum-jubilee-27118980 Who pays for Queen's Platinum Jubilee? Within shocking costs for holiday celebrations