The nation is set to celebrate Queen Elizabeth II's Platinum Jubilee this weekend.
Large scale events are planned both nationally and locally, from June 2 to June 5, to mark the Monarch's 70 years of reigning on the throne. Her Majesty is Britain's longest-reigning monarch and will become the first British monarch to celebrate a Platinum Jubilee.
To mark the historic event, the UK has a huge array of public events planned to celebrate including parades, street parties and an extra Bank Holiday. The events include star-studded ceremonies as well as Trooping the Colour and lighting beacons across the country.
READ MORE: When is the Queen's Jubilee and what is the Platinum Jubilee?
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. We take a look at how much the special events are costing the UK public.
How much will the Queen's Platinum Jubilee cost?
The celebration is broken down into several events, such as the Platinum Jubilee Pageant, which is costing £15million alone. Some funding is going to help revamp venues - such as £3m going solely to support village hall improvement projects in 100 different venues. The money isn’t all for celebrations though, as £12m has been put aside for new books in primary schools called Queen Elizabeth: A Platinum Jubilee Celebration.
The extra bank holiday day off will also cost as they typically set the nation back billions. According to a 2012 study by the Centre for Economics and Business Research think tank, it estimated that each bank holiday cost the British economy £2.3bn 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 £1.2bn and £3.6bn.
Who pays for the Queen's Platinum Jubilee?
Money from taxpayers
While the money for the event is coming from several different revenue streams, Chancellor Rishi Sunak confirmed in the government’s March 2021 budget the British public would be footing some of the costs. He announced that he had set aside £28m of taxpayers’ money for the four-day event.
The government has promised a “once-in-a-generation show” mixing “the best of British ceremonial splendour and pageantry with cutting-edge artistic and technological displays."
Money from charities
According to the government’s official Jubilee page, charities have stepped up to contribute to the special occasion so that communities can mark the Jubilee. They will be providing money more locally so that smaller communities can afford to celebrate in style.
Here’s a breakdown of the main foundations taking part:
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National Lottery Community Fund’s platinum jubilee fund is offering grants of up to £50,000 to 70 community projects
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There are £10,000 grants being offered in the National Lottery Awards for All programme for all 2022 events
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Arts Council England is offering grants up to £10,000
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The Arts Council has announced £175,000 towards libraries, to help them celebrate
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UK National Archive is offering £30,000 to help the archive sector honour the Queen
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National Lottery Heritage £7 million fund to help natural green spaces flourish
What money is the nation expected to make back from the Jubilee?
One of the most well-known arguments for keeping the Royal Family is how much money they bring in – and with a celebration of this magnitude, it’s expected to be profitable. According to VisitEngland, the Jubilee weekend may bring in up to £1.2bn to the economy.
People are expected to spend millions on souvenirs and memorabilia, according to Centre for Retail Research. VisitEngland also claimed 5.3 million people plan to take an overnight break during the bank holiday weekend, offering a boost to hotels and B&Bs through domestic tourism.
Pub rules have also been relaxed for the four days, with extended opening times until 1am. This will help to boost sales.
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