Celebrate The Coronation And Forget GDP Impact

Economists see them similarly, but a Coronation is more enjoyable than a train strike. (Photo by AFP via Getty Images)

Tomorrow's Coronation is a huge event economically. It's like a mix of an England World Cup final and a train strike.

Big sporting events like the World Cup make people spend a lot of money on things like decorations, snacks and drinks. But they also cause a lot of problems for businesses and productivity. The problems they cause are worse than shutting down the trains because now many people can work from home.

Economists think losing a day's work for a national holiday is bad. Buying things for the celebration won't make up for it.

It appears that royal events are happening more often. This is the third one in less than a year. First, there was the Queen's Platinum Jubilee, then her funeral in September, and now her son's Coronation.

If we lose three days of output in a year, it could mean we lose 1% of GDP. That's about £20 billion.

Someone who disagrees with having a monarch might say that this is important for the country to have after difficult times. Like the Romans, the entertainment is just as important as the food for the wellbeing of the country.

Have a great weekend! There might not be another royal bank holiday for a while after the recent ones. Even if it affects GDP a bit, a Coronation is more enjoyable than a rail strike and less nerve-wracking than an England penalty shoot-out.

Blog section: This blog was posted on May 5th, 2023 at 12:49 pm.