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Royal wedding: UK economy to lose $50 billion

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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Royal wedding: UK economy to lose $50 billion

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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Royal wedding: UK economy to lose $50 billion

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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Royal wedding: UK economy to lose $50 billion

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

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Royal wedding: UK economy to lose $50 billion

"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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Royal wedding: UK economy to lose $50 billion

However, some businesses expect to benefit from lakhs of visitors, who would come to see the wedding.