On June 2nd 2019, Buckingham Palace announced the coronation of the new British monarch: Queen Elizabeth II. While the historic event marked the start of a new era for the United Kingdom, it also threw into sharp relief the country’s economic situation. From the production of beer and bunting to the packaging of biscuit tins, the coronation is expected to have a significant, but varied,impact on the UK economy. In this article, we take a closer look at the potential economic implications of this special event.
1. Economics of a Coronation: UK Celebrates a New Monarch
As the United Kingdom looks forward to the crowning of its first new monarch in over sixty years, it is also preparing to face the complexities of the economics of the coronation. In the wake of a deep recession and ongoing financial challenges, the UK government must budget and plan for the costs of the ceremony and any accompanying events.
One of the greatest costs associated with the coronation will be the security needed to ensure the safety of the new monarch and their advisors. The UK government must also consider factors such as the cost of hosting guests and souvenirs, repairing or replacing any antiquated equipment, and of course, the budgetary implications of the new monarchy to the British economy.
- Security costs: Funding the extra police presence and VIP protection needed.
- Accommodating guests: Flights, hotels and food for foreign delegates.
- Souvenirs: Replicas of the crown and other mementos for sale.
- Maintenance: Upgrading and repairing any antiquated equipment.
- Economics: Creating forecasts and long-term budgetary implications.
2. Unlocking Potential: Economic Opportunity from New Reign
As the world continues to move forward, citizens are looking for new ways to earn income. With the new reign, a great opportunity has been unlocked to expand economic opportunity. Here are the ways a new reign can breathe new life in the economy:
- Expanding Marketplace: With a new reign comes an expansion of the marketplace. Plenty of new opportunities arise, like additional job positions or business ventures to explore. This can also mean new products or services rolling out that make life easier or more efficient. All of this results in a larger pool of economic option for people to work with!
- Technological Advancements: The world is getting more connected, faster. With this comes advancements in technology—which can be used to track financial information and even automate complex financial tasks. This makes the job market more efficient, allowing more people to take on full-time employment or pursue their business dreams. Not to mention, automated processes are faster and more accurate, making it easier to track and manage finances.
A new reign can bring economic opportunity and growth to citizens not only in its own country, but all over the world. In today’s society, where innovation is preached and advanced technology put to use, the possibilities are endless. Whether it’s business expansion or job opportunities, there is something out there for everyone. Unlocking the economic potential of a new reign could lead the world to a brighter future.
3. Hoisting a Pint: Beer, Bunting and Getting the Economy Going
Breweries Focused on Resiliency and Sustainability
From independent craft breweries to large global beer giants, many businesses around the world have been affected by the pandemic. Although the effects of the pandemic have caused many of these businesses to suffer, just as many have focused on finding resilience and stability by diversifying their portfolio. Some breweries, for example, have begun to incorporate additional products such as spirits, canned cocktails and non-alcoholic beers. Others are focusing on valuing sustainability through practices such as utilizing locally-sourced ingredients, upcycling waste and investing in renewable energy sources.
Getting The Economy Going With Hoisting A Pint
The economy has undoubtedly taken a toll from the effects of the pandemic, but businesses are still finding creative and innovative ways to keep the economy running. One idea that has been picked up by different businesses is ‘Hoisting a Pint’. Economists have found that people are more likely to buy beer—not just now, but in the future too—if they invest in a few good drinks. This may seem largely insignificant, but supporting local businesses like craft breweries can have a tremendous effect on boosting the economy. As such, some supporters of this concept are even investing in branded beer kegs, taps and glasses to create customer loyalty and inspire people to spend more money.
- Breweries focused on resiliency and sustainability
- Getting the economy going with ‘Hoisting a Pint’
4. Predictions for the Future: Will the Coronation Bring Lasting Financial Benefits?
The future of the economy remains uncertain as coronavirus pandemic continues to wreak havoc across the globe. Nevertheless, some investors and economists remain optimistic. Some optimism has been spurred by the coronation of a new leader for the country. This is because many expect that the new leader may bring about economic reforms, or, at the very least, provide a change in course which could lead to positive financial outcomes.
Many look to the new leader to bring forth better policies, both monetary and fiscal, which could result in market resurgence, improved employment, and higher growth rate. Investing in the stock market looks to be a safer option as well, as investors will possibly be more inclined to invest in government-backed companies and products. Other financial benefits, could come in the form of:
- Boost in consumer confidence
- Investment in the private sector
- Public-private partnerships
- Regional economic integration
All of these, if properly implemented and managed, could lead to a better, stronger economy. While it is too early to tell for certain what will happen in the future, there is reason to be optimistic that the economic benefit of coronation could bring lasting financial benefits for the country.
The coronation ceremony and celebrations will be a welcome sign of renewal for a population that has been in lockdown for much of 2021. Not only will it remind us of better times – of characterful bunting, of beer, of biscuit tins – but it may also give us a glimpse of light at the end of the tunnel. A moment when we can all come together to celebrate the nation’s heritage, and its bright economic future.
