Brits across the UK are itching 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 staggering
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2022 is a special year, not only because it marks the Queen’s 70th year on the throne, but it also gives Brits an extra bank holiday to look forward to.
From Thursday June 2 to Sunday June 5, the UK, Overseas Territories and Commonwealth will join in celebration of the Queen’s Platinum Jubilee.
After the past two years dealing with the coronavirus pandemic, it is 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 truly in effect, and predicted to get worse, some are questioning if the exorbitant price tag the bank holiday comes with is worth it.
Queen’s Platinum Jubilee dates, events and transport –all your questions answered.
How much is the Platinum Jubilee costing?
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The money for the event is coming from several different revenue streams, and some won’t be happy to read a big chunk comes directly from the UK taxpayer –aka us.
Chancellor Rishi Sunak has set aside £ 28million of taxpayers’ money for the four-day event, according to the government’s March 2021 budget.
The government promises the money will be worth it though, as it will be a “once-in-a-generation show”.
It will mix “the best of British ceremonial splendour and pageantry with cutting-edge artistic and technological displays”.
The celebration is broken down into several events, such as the Platinum Jubilee Pageant, which is costing £ 15 million alone.
The £ 28million total is being divided accordingly, with some of it going to help revamp venues –such as £ 3million going solely to support village hall improvement projects in 100 different venues.
The money isn’t all for celebrations though, as £ 12million has been put aside for new books in primary schools called Queen Elizabeth: A Platinum Jubilee Celebration.
However, it hasn’t been confirmed if this money is coming from the £ 28million taken from the taxpayer.
That isn’t the only revenue stream, as according to the Platinum Jubilee’s website, more than £ 22million of National Lottery funding is being made available for the bank holiday.
The website breaks down the following:
- National Lottery Community Fund’s Platinum Jubilee fund is offering grants of up to £ 50,000 to 70 community projects.
- There are £ 10,000 grants being offered in the National Lottery Awards For All programme for all 2022 events.
- Arts Council England is offering grants up to £ 10,000 –The Arts Council has announced £ 175,000 towards libraries to help them celebrate.
- UK National Archive is offering £ 30,000 to help the archive sector honor the Queen.
- National Lottery Heritage £ 7 million fund to help natural green spaces flourish.
How much do bank holidays cost the economy?
How much bank holidays cost the UK depends on their date and length, but they typically set the nation back billions.
According to a 2012 study by the Center for Economics and Business Research think tank, it estimated that each bank holiday cost the British economy £ 2.3billion through lost productivity.
To give an idea of what the four days off for the Platinum Jubilee will cost, the Diamond Jubilee in 2012 was believed to have cost somewhere between £ 1.2 and £ 3.6 billion.
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 out and about spending money, boosting the economy.
VisitEngland estimates 5.3 million people will take an overnight break at some point over the weekend, while others will be taking advantage of the extended pub opening times, boosting the hospitality sector.