The price of Elizabeth’s death

Expensive things will change after the Queen’s death. Since she took the crown in 1952, the Queen has become the most famous person in the world. Her portraits are everywhere, from stamps, coins, and notes. Their signatures are placed on mailboxes and government signage across the country.

Gradually removing all these and removing them and with King III. Charles can take a very long time, some may not be replaced at all or last a lifetime.

Economic costs. The British economy, which was threatened with recession, recovered in July, according to the latest official data dated 12 September. The UK’s gross domestic product rose 0.2% in July, according to the Office for National Statistics.

Notably, the drop in numbers for June is partly due to Queen Elizabeth II. An additional public holiday was dedicated to commemorate Queen II. Elizabeth’s 70 years on the British throne. Another public holiday was held for Elizabeth’s state funeral. There is usually only one public holiday in the UK at the beginning of summer, but this year the number has doubled as the Queen’s reign celebrates the Platinum Jubilee. The fact that professionals working on the day of the UK’s Queen’s funeral are taking time off from work hints that the economy will experience two more public holidays in 2022.

Samuel Tombs, Pantheon Chief UK economist for Macroeconomics, noted that the extra September 19 public holiday for the Queen’s funeral could hurt the British economy more than it marked for the Jubilee in June. According to the Pantheon, the country’s GDP in September could drop by 0.2%.

Meanwhile, KPMG UK Chief Economist Yael Selfin said it was worrying as the July GDP figures were below the level recorded in May. It indicates a general contraction in the first two months of the summer season. Also, the Bank of England (BoE) predicts that the British economy could fall into recession before the end of 2022 as the country grapples with decades of high inflation fueled by rising food and energy bills.

Banknotes. There are more than 4.7 billion Bank of England notes worth approximately £82 billion in circulation. Queen Elizabeth was the first monarch to appear on Bank of England notes in 1960 – so there’s no precedent for what will happen during a takeover of the monarchy.

Mauro F. Guillén, dean of Cambridge Judge Business School, estimated that it would take two to four years to phase out Queen Elizabeth from the currency, saying the cost of creating new patterns to replace King Charles would be “relatively negligible”.

King Charles’s accession to the throne is taking place as the Bank of England continues to replace paper notes with polymer ones to prevent fraud and reduce the spread of germs. In 2016, the bank launched a five-pound polymer note featuring Queen Elizabeth and former prime minister Winston Churchill.

Another factor affecting the timing of the King Charles currency, according to Baker: The King approves the image on the note.

Coins. There are 29 billion British coins in circulation with the face of Queen Elizabeth II, all of them facing to the right. Since the reign of Charles VIII in the 17th century, new kings and queens have favored, except for Edward, suppressed their own reflections on the different face of the previous one. The new king will face left, unless he has indicated a different preference.

Guillén said the coins were more expensive to produce than banknotes because they were more durable. He was reluctant to give a figure on how much the production of the new coins could cost – an estimated around $600 million – but noted that it would take several years for the old coins to be phased out and the total rebound could fluctuate significantly.

Brands and packaging. Different companies like Heinz and Burberry have Queen Elizabeth II on their ketchup bottles and coats. They use Elizabeth’s coat of arms, but that will change. To be eligible to use royal symbols, a business must have provided products and services to the royal family for at least five of the last seven years. According to the Royal Warrant Owners Association, more than 600 businesses are now Queen Elizabeth II, including Barbour, Command Pest Control, and Swarovski. They have permissions granted by Elizabeth.

Now that Queen Elizabeth is dead, companies like Heinz that have taken her permission have two years to continue using the coat of arms. After that period has expired, Heinz has to update the ketchup bottles circulating in the UK, albeit at no significant cost.

The Queen’s funeral. The Queen has had a state funeral as head of state (for the first time since Winston Churchill in England) and so we can expect the cost of the ceremony and the surrounding events to be enormous – some sources have even estimated the total amount of the will

While the Queen’s funeral expenses are shared between the Government and the Royal Household – details of those costs will be shared with the public in due course – one thing we do know for sure is that at least part of the bill will be borne by the British public.

Understandably, Queen Elizabeth II, especially given that the Royal Family’s estimated net worth exceeds £24 billion. Regardless of his feelings for Elizabeth, not everyone is happy about it.

Kwajo Tweneboa, a housing campaigner working with Enough Is Enough, tells Cosmopolitan UK: “It would be great to see them contribute more to these big events. Or maybe you can have a softened and more cost-effective coronation, especially during this economic crisis and when the public purse is so limited.”

 Conclusion? While the actual cost of the funeral to the public has yet to be confirmed (some estimate it will actually be just 5p per household), is such a grand event and inevitable display of wealth appropriate when so many are facing poverty? Especially when you factor in the cost of replacing stamps, money, mailboxes and countless other items bearing some sort of royal coat of arms. And the cost to businesses and their employees who are forced or pressured to shut down over the weekend of a Public Holiday.

Of course, the flip side of this argument is that these events are historical references with far-reaching implications.

“Big royal events like Queen II. Elizabeth’s funeral will draw hundreds of thousands of people to the capital, many of whom live outside London and abroad. This is why tourism is a big boost to the economy,” says Tracy Borman, royal historian and author of Crown & Sceptre: A New History of the British Monarchy.

Kaynak: Tera Yatırım-Enver Erkan
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