Tourism is a multi million pound business, especially in London, where I lived for over 20yrs, and all that pomp and dressing up is the kind of thing that makes tourists want to come.
Imagine London without tourism - how many tens of thousands of jobs would be lost?
I would be interested to see the actual figures - I asked ChatGTP what it thought... (I think the comparison with France is particularly interesting!)
I asked
"In a city like London, does the financial benefit from tourism outweigh the cost of putting on events like the trooping of the colour? i.e. is the cost of the monarchy worth it?"
ChatGPT said:
This is a complex question with political, economic, and cultural dimensions. Let's break it down:
1. Cost of the Monarchy (Including Events like Trooping the Colour)
The British monarchy is funded primarily through:
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The Sovereign Grant: In 2023, this was around £86.3 million, covering the running costs of the royal household, travel, staff, and maintenance (notably Buckingham Palace renovations).
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Security: Costs for policing and security (especially at public events like Trooping the Colour) are not included in the Sovereign Grant and are estimated to add tens of millions annually, although exact figures are rarely disclosed.
Trooping the Colour is a relatively minor slice of this total but still requires significant logistical and security support.
2. Financial Benefits from Tourism
Tourism is a major UK industry, and the monarchy plays a large symbolic and marketing role:
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VisitBritain (the national tourism agency) consistently highlights the royal family as a top draw for international tourists.
- According to a 2017 Brand Finance report:
- The monarchy generated £550 million annually in tourism-related revenue (including visits to royal palaces, themed tours, merchandise, etc.).
- Indirect brand value (like increased attention on British fashion, traditions, and culture) was estimated at £1.8 billion per year.
3. Event-Specific ROI (Return on Investment)
Events like Trooping the Colour:
- Generate global media coverage, reinforcing the UK’s image and soft power.
- Draw crowds into central London, increasing spending on transport, hospitality, food, and retail.
- These events are often broadcast worldwide, with value not just in ticket sales but in visibility and cultural diplomacy.
Even if the cost of such an event is several million pounds, the
media value alone (if purchased as advertising) could exceed that.
4. Criticisms and Alternative Views
Critics argue:
- The monarchy is outdated and undemocratic.
- The wealth and estates held by the royal family (e.g., the Duchy of Cornwall and Duchy of Lancaster) are substantial and not fully taxed.
- Tourism would not drop significantly without a monarchy, as France (a republic) sees similar or greater tourist numbers, largely for its palaces and museums.
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Conclusion
Yes, the financial benefit from tourism and soft power broadly outweighs the direct cost of events like Trooping the Colour.
However:
- This doesn’t settle the ethical or political question of whether the monarchy is the best use of public resources or consistent with democratic principles.
- A republic could potentially repurpose royal assets while still maintaining historical appeal (e.g., like Versailles in France).
So economically:
Net positive.
But socially and politically:
Open to debate.