THE MONARCHY brings in a whopping £66billion to the UK economy, a report released this week revealed. The monarchy’s value is not just measured on the value of the crown jewels and the estate, it also brings in money from a huge range of other less tangible calculations, according to the report. Business consultancy Brand Finance calculates the worth of the British Monarchy each year by tallying the crown’s assets as well as the “value impact” of its brand among other contributions. SEO of the consultancy, David Haigh, said the monarchy act as a “PR campaign” for the country. He added: “Exactly 25 years ago, the Windsor Castle fire marked the nadir of the Queen’s annuls horrible when scandals drove the monarchy’s popularity down.
David Haigh said the monarchy act as a PR campaign for the country
Queen Elizabeth has THIS bizarre rule when travelling the UK. “Today, its universal appeal translates to the attraction of Brand Monarchy, offering commercial benefits to all businesses and institutions associated with it.”
Royal commentator Richard Fitzwilliams said the monarchy brings a stability which is priceless. He added: “With an unstable minority Conservative government, unpredictability after the Brexit vote and the possibility of a future Jeremy Corbyn government, the monarchy provides stability which is beyond price.” The monarchy’s assets such as Buckingham Palace, the Royal collection of art, the Crown Jewels, the Duchies of Lancaster and Cornwall account for £25billion.
But, other less tangible assets include tourism, business trade and even fashion which is calculated at £40 billion. Kate Middleton’s fashion is copied worldwide and is considered an informal endorsement for many labels, this is calculated at £200million. Also, the media’s coverage of royal family members, movies, documentaries and TV series based on their history and private lives – such a The Queen or Victoria – is also included. The economic impact in the media is set at £50million a year.
The annual impact on tourism is estimated at £550million and the increase in trade as a result of official missions and diplomatic trips from royal family members is set at £150 million a year. There are also earnings from “royal warrant holders” which refers to the price premium of brands with royal warrants such as Aston Martin Cars, Prestat chocolates, and Fortnum & Mason, is calculated to be £190million. Brand Finance research said the monarchy earns nearly £2billion a year to the UK economy. The figure is revealed as the Queen and Prince Philip celebrate their 70th wedding anniversary today.
Richard Fitzwilliams said the monarchy brings a stability which is priceless
Research by a leading business valuation consultancy has found that the Royals contributed £1.766billion to the economy in 2017. But it put the annual cost of maintaining the monarchy at £292million, equivalent to £4.50 per person or barely 1p per day. Technically the Crown Estate, which owns real estate in London’s West End and more than half of Britain’s foreshore, belongs to the monarch.
But its profits have been surrendered to the Government since 1760. The £292million cost of the monarchy includes £42.8million directly from the taxpayer, plus £106million in security, lost capital and revenue income from the Duchies of Lancaster and Cornwall which would go directly to the Treasury if the monarchy did not exist.
Kate Middleton’s fashion is copied worldwide.
Then there is £22.2million spent by councils on royal visits and £30million for the use of state buildings. The Queen was accused of tax-dodging this month after the release of the “Paradise Papers”. Britain’s head of state has been caught up in the scandal of the Paradise Papers – an explosive leak of financial documents laying bare investments in offshore tax havens by the world’s rich and powerful. According to the papers the Duchy of Lancaster, the private estate of the Queen, was found to have millions of pounds invested in offshore arrangements. Around £10million from the Queen’s private fund was paid into funds in the Cayman Islands and Bermuda between 2004 and 2005, according to reports.