King Charles-3Image Credit source: PTI
After 70 years in the royal family of Britain, the coronation ceremony was celebrated and on May 6, King Charles-III officially took over as the head of power. But after Kovid, the way Britain’s economy is facing economic crisis. In such a situation, questions are also being raised regarding the huge expenditure on such a big coronation ceremony. Is ‘the coronation of power’ really a burden on the British economy?
If we look at the coronation of King Charles-3, it has given a big boost to the British tourism sector. This sector of Britain was hit the most by Kovid, but due to the coronation program, Britain’s hotel, restaurant and tourism industry has got a boom. Different effects have been seen on other sectors as well.
Expenditure of more than 1000 crores
The exact figure of how much has been spent on the coronation of King Charles-3 is not available. But according to the news, about 10 crore pounds (about 1033 crore rupees) has been spent on this.
Before King Charles-3, his mother Queen Elizabeth-2 was the Queen of Britain for almost 70 years. Her coronation took place on 2 June 1953 and she remained the Queen of Britain till her death on 8 September last year.
Hotels, flights booking increased
Due to this program, the booking of 4-star and 5-star hotels in Britain has increased.
- Along with this, the business of bars and restaurants has also increased. According to hotel booking platform Ellora.ai, the revenue of hotels has increased by 54 percent on an annual basis during this period.
- There has been a 149 per cent increase in the number of flights arriving in the UK around the time of the coronation. According to ticket booking platform Travelport, this increase in the number of flights was seen in just 24 hours after the coronation date was announced.
- Apart from this, more than 7,000 security forces personnel also participated in the coronation of King Charles-3. This was the first royal festival to be held on such a large scale after 70 years.
Damage to GDP due to Monday holiday
However, the other aspect of this festival is also being talked about. It is being said that this coronation will cost more than what the British economy will get. The burden of police security, the cost of arranging accommodation for thousands of guests will fall on the economy. At the same time, declaring a national holiday on Monday will also cause harm. According to a Bloomberg report, this one-day holiday can cause a decline of 0.7 percent in the GDP growth rate in May.