The Queen's Platinum Jubilee is just days away and many people are preparing to celebrate in style. But how much is it costing and who is paying for it?
The four-day event will celebrate the Queen’s 70 years on the throne. Events will be held from Thursday (June 2) to Sunday (June 5).
To mark the special occasion, Britain has adopted an extra bank holiday for 2022. This means most people will have a four day weekend to look forward too.
READ MORE: Marks and Spencer shoppers are begging for special Jubilee product to be made permanent
But as the cost of living crisis is still ongoing, with households finding themselves struggling to keep up with rising energy bills, many people are wondering how much the celebration and additional bank holiday will cost.
How much will the Platinum Jubilee cost?
While funding for the event comes from multiple revenue streams, a large sum of money has been set aside from the UK taxpayers. According to the government’s March 2021 budget, Chancellor Rishi Sunak has set aside £28million for the four-day event.
The government has said the spend is worth it, as it will be a “once-in-a-generation show" and mix “the best of British ceremonial splendour and pageantry with cutting-edge artistic and technological displays”.
Several events are planned to make up the celebration - including the Platinum Jubilee Pageant, which is costing £15million alone.
The £28million set aside for the celebrations is being spread across many projects - including £3million which is allocated to support village hall improvement projects in 100 different venues, the Mirror reports.
A sum of £12million has also been allocated for new books in primary schools called Queen Elizabeth: A Platinum Jubilee Celebration. But it is unclear whether this money is coming from the £28million taken from the taxpayer.
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 honour the Queen.
- National Lottery Heritage £7million fund to help natural green spaces flourish.
How much do bank holidays cost the economy?
Bank holidays typically cost the nation billions of pounds, but the exact figure depends on the date and length of each one.
It was estimated that each bank holiday cost the British economy £2.3billion through lost productivity according to a study by the Centre for Economics and Business Research think tank in 2021.
The Diamond Jubilee in 2012 was believed to have cost somewhere between £1.2 and £3.6billion. This year's event, due to inflation and the much larger scale, is expected 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.
Read Next:
