June 4, 2012

Diamond Jubilee costs UK economy £275m

Filed under: Secret family courts — Granarchist @ 9:21 pm
Diamond Jubilee costs UK economy £275m

Mon May 28, 2012 9:55AM GMT

Britain’s royal family is worth a dizzying £44 billion in tangible and intangible assets as a brand, a study shows, yet the Queen’s upcoming Diamond Jubilee will damage the British economy by at least £275 million.

Brand Finance said in a special report ahead of the Queen Elizabeth’s celebrations of 60 years on the throne that tangible assets of the royal family including the Duchy of Cornwall are worth a staggering £18 billion. 

The tangible assets are those assets that the monarchy controls directly and makes money from. 

Brand Finance said the monarchy is also valued another £26 billion in intangible assets, which include the royal family income from several sources such as the Royal Warrant scheme as well as the boost to British tourism and businesses as a brand. 

The report said the Royal Warrant alone brings in £4 billion annually while many companies also strive to get a Coat of Arms on their products that is worth separately an annual £400 million. 

While being a royal earns an individual a huge income annually, the report shows that the benefits are not extended to the British economy when it comes to the Diamond Jubilee. 

The Brand Finance said the celebrations are estimated to boost tourism, leisure and accommodation industry by £924 million while the cost of the extra Bank Holiday for the Diamond Jubilee is around £1.2 billion. 

The report did not take account of the massive cost of security for the event, which features a 1,000-boat pageant on the Thames River in central London. 


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