Amid the festivities of Queen Elizabeth II's platinum jubilee in the UK, deceptive social media posts have been circulating regarding the price of the occasion.
The UK authorities has promised to host a “once-in-a-generation present” to have a good time the event, however tons of of social media customers have requested the query: How a lot does the celebration of the Queen's 70 years on the throne actually price taxpayers?
Some have expressed anger and disdain that taxpayer cash is being spent on the celebration, particularly after the UK economic system has suffered as a result of COVID-19 pandemic and the Ukraine struggle.
Quite a lot of customers on Twitter and Fb have claimed over the previous week that the Jubilee will price roughly £1 billion in whole or round £38,000 per UK family.
However in keeping with Workplace for Nationwide Statistics, there have been 27.8 million households within the UK in 2020 and 32 million taxpayers. Dividing £1 billion by that quantity it comes out to simply over £30 every, not £38,000.
Though we don’t but have dependable figures for the entire price of the occasion, there isn't a indication that will probably be something near £1 billion.
In Might 2021, the Division of Digital, Tradition, Media and Sport mentioned that round £28 million could be earmarked for the jubilee. This quantity was then repeated by Chancellor Rishi Sunak in his announcement of final 12 months’s funds.
It is also essential to notice that a few of this £28 million will probably be borne by associate organisations moderately than paid for completely by the taxpayer.
UK authorities does estimate billions of losses in productiveness
This price ticket of £1 billion for the Queen’s Jubilee has already been talked about however not in that context.
In 2012, the authorities estimated that the Queen’s diamond jubilee, to have a good time 60 years on the throne, would price the UK economic system roughly £1 billion.
Nevertheless, this doesn't merely discuss with the celebrations however encompasses the price of the 2 further days of financial institution holidays when most individuals is not going to be working.
For this 12 months’s jubilee in 2022, the UK authorities estimates a web loss in productiveness of £2.3 billion. On the identical time, nonetheless,the Centre for Retail Analysis predicts that customers will spend £408 million over the four-day weekend, doubtlessly balancing a few of the financial loss.
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