The Monarchy: Does it benefit Britain’s Economy? By Marie Weisheimer
Valued at £67bn, The Monarchy is Britain’s greatest treasure (Jagodzinski & Pannu). Brand Finance estimates that in 2017, The Monarchy's annual contribution to the UK's economy was £1.766bn (Jagodzinski & Pannu). The contribution includes the Crown Estate’s surplus, which supplied £343.5million in 2018/19 (Bosley), as well as the Royal Family’s indirect influence on various industries. During the course of this essay, I will discuss to what extent the Royal Family benefits the UK's economy, and whether it is economically worthwhile to have a monarch.
achievements and contributions to society to be recognised. Therefore, Royal Patronages greatly benefit the UK's economy. Furthermore, many royal events that take place are often broadcast, which has provided several benefits for the UK’s economy in the past and will continue to in the future. When the Duke and Duchess of Cambridge were wed, not only did half of the UK watch some of the wedding’s coverage, but several millions of people around the world watched too. The wedding was livestreamed seventy-two million times on YouTube, in over one hundred eighty-eight countries (Gibbs), which totals to more than two billion people globally (Haven-Tang). The added value to Britain's 'brand' due to global media coverage is worth approximately £1bn (HavenTang), although the cost of the wedding was only just over £27million (Raphael). This demonstrates how influential the young royals have been for both the public and The Monarchy’s image. Richard Fitzwilliams, royal commentator, told Consumer News and Business Channel, “The colourful ceremonial of The Monarchy with links to the past, royal anniversaries, weddings and state visits, is much loved by the public as it attracts both national and international attention" (Gibbs).
Firstly, Royal Patronages, including Royal Ascot and Royal Opera House, greatly benefit the UK’s economy. Ascot Racecourse is part of the Crown Estate, a property business owned by The Monarch but run independently, and the Royal Family regularly attends horseracing events at Royal Ascot. The Royal Family's interest in horseracing attracts many members of the public to Ascot Racecourse. Consequently, Ascot Racecourse generates millions of pounds each year, with £68million spent in 2013 on off-course expenditure by the public (Gibbs). Having a Royal patron or president provides vital publicity for the work of these organisations and allows their 18
