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Royal wedding: UK economy to lose $50 billion

Last updated on: April 26, 2011 16:16 IST

Royal wedding: UK economy to lose $50 billion

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It has emerged that, Prince Williams and his fiancee Kate Middleton's royal wedding could lead to potential loss of Britain's economy by $50 billion.

Prince Charles and Diana's wedding had cost the exchequer around 30 million pounds.

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Image: A Royal Wedding stamp from the tiny Pacific island of Niue.
Photographs: Reuters.
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Royal wedding: UK economy to lose $50 billion

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The royals receive a government grant of about $13 million a year to cover expenses. But the public cost of the wedding far exceeds that.

Extra policing and overtime alone is estimated at more than $35 million.

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Image: A wedding cake featuring Prince William and his fiancee Catherine Middleton.
Photographs: Kieran Doherty/Reuters.
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Royal wedding: UK economy to lose $50 billion

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When all the people are celebrating, they're not working. And because the wedding holiday falls between two long holiday weekends in England, you can take 11 days off by burning only three days of vacation time.

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Image: The top tier of a replica of the Prince Charles and Lady Diana wedding cake.
Photographs: Kieran Doherty/Reuters.
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Royal wedding: UK economy to lose $50 billion

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"Invariably that leads to a loss of output," CBS News quoted Philip Shaw, chief economist at Investec, as saying.

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Image: A pupil paints a picture of Britain's Prince William and his fiancee Kate Middleton at a school.
Photographs: Kham/Reuters.
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Royal wedding: UK economy to lose $50 billion

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"So, in terms of the impact on GDP in the economy we're suggesting that it could knock something like a quarter percent off growth," Shaw added.

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Image: Passenger Han Liu holds up a royal wedding commemorative Oyster card.
Photographs: Luke MacGregor/Reuters.
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However, some businesses expect to benefit from lakhs of visitors, who would come to see the wedding.


Image: Confectioner Florian Baecker prepares cakes for the wedding of Prince William and Kate Middleton.
Photographs: Kai Pfaffenbach/Reuters.
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Source: ANI