Coronation boost to the economy

[misssunshine4040]

AIBU to think that even you have the royals, the boost to the economy the coronation will bring is worth it?
Although the cost of the coronation is huge, the revenue expected to be brought in is estimated at over £1 billion

Tourism, huge amounts of tourism the RF bring to the country. The money transport and hospitality alone spent in London alone has been huge

So it benefits private business in London

How does it benefit anybody else economically

People buying extra scones in Waitrose? Seriously.

@misssunshine4040 YABU.

Those businesses pay taxes. The more profit they make, the more tax they pay.

Wouldn't most of those hotel rooms have been booked anyway for other reasons? They can't count every single one as coronation profit.

TV rights will be a huge part of it, they will bring in a lot of money.

Probably a decent payday if you make flags?

Most will have increased costs more than double due to demand. It isn't about the physical room being filled, it is about the amount of dosh spent for it. Yes, these businesses will likely double/triple their usual takings this weekend.

The bank holiday across the UK means the UK hospitality will be boosted by £350 million according to BBC website.
And for benefitting only London "It will be good for the bottom line, especially for the City of London and London, which generates 20% of the UK's gross domestic product (GDP). This will directly impact the economy of the UK."

It is nowhere near that number. It is the same as with the Olympics, wishful thinking and double counting to create ate ficticious numbers the media can then spit out to make people feel better

The Olympics is often used as an example, governments claiming it makes money via tourism - but they have been proven many times to be vanity projects which just cost the public purse

I am more than happy to be told I'm unreasonable. It's just something I have always been told to believe.
That the RF bring so much to UK economy, they pay for themselves etc.
I googled and £1b was the top quote then I searched a bit more and the BBC article has differing amounts

Loss of output from an additional bank holiday is estimated to cost the economy £877 million.

This costs the country, it doesn't benefit

It doesn't help my husband and I. We only get paid for the hours we work and our places of work are closed bank holiday Monday. Not what we need when money is already tight!!!!

They way they calculate these things is always a little "open to interpretation "

Does the coronation really bring in that many foreign tourists who would not have come anyway ?

Isn't it mostly displacement spending - so more this week if people celebrate and less next to make up ? More tourists this week, fewer next? A few people taking a train to London to be in the crowd so not going down the pub or to the seaside

And does it actually matter if it brings money into the overall economy given that we won't see a penny - because it will be the super rich that get it all as ever

Increased GDP with a wider inequality means that the whole thing could bring in 109 billion and we would still be up shit creek

It's a grotesque medieval soirée that we're all paying for.

The bbc have the rights, the bbc is not privatised so therefore if they get a load of money they will have to pay tax, extra “profit” will go back into making (hopefully) quality programmes to be sold around the world again and repeating the cycle.

either way more money coming into the economy will boost the amount those being directly paid are likely to spend.

Hopefully the large amount of tourists will continue to holiday spend - on food, drink, accommodation and usual tat as well as in our shops. This might be the difference for some smaller businesses and for hospitality to continue to trade. Whilst it will be initially London centric - if you are a tourist and have made the long haul to stay in the Uk you may well travel whilst here (no guarantee) but the boost is very welcome and now it’s been seen globally might encourage more tourists to visit over the coming year.

After years of doom and gloom and misery this will hopefully be a much needed boost to the economy?
(although inviting Truss and Boris was not money well spent 🤣 so I’d quite like a refund!)

Please can I have a small portion? 0.01% would be perfect.

We will be paying our team to not work - don’t know how that’s boosting

Its a point that many don't want to hear
This is generating a fortune multiple times over its cost which WILL boost the general economy

As a proud Northerner the synonym of the economy to mean London as fucking always pisses me off. DH is London born and bred though we live in Manc. and it pisses him off too.