This week has seen the announcement of Prince William’s engagement to Kate Middleton and it seemed rude to be blogging about anything else.
But while some betting companies are already taking bets on how long the union will last and some pensions commentators are discussing what rights to William’s armed forces pension Kate would be entitled to if they divorced, I have decided to look to the positive. I am after all a PR professional and my glass is always half full.
Analysts have been busy making calculations and have come to the conclusion that the British economy could be boosted by somewhere in the region of £620m by the impending nuptials.
Yes, £620m. This will come in the form of wedding merchandise, and although things may have changed since the last big royal wedding of Prince Charles and Lady Diana almost 30 years ago, many people will still be keen to buy some form of keepsake or memento and retailers will rush to capitalise on the merchandising opportunities. Added to this will be the increase in food and grocery sales as consumers stock up on extra treats for their street parties. Not to forget, of course, the benefits we will reap from travel and tourism. This is after all a massive global event and will not only pull in the UK crowds but also crowds from all over the world.
There is of course the small matter of the cost of what we all assume will be a lavish affair. The full cost of the wedding will not be known until major elements such as a venue are decided. But as a starter for ten, the policing bill for the wedding, to provide security for the public and guests who could include world leaders and royalty from across the globe, could run into tens of millions of pounds. Some say that if we split it amongst us it will be so small compared to the positive impact that the wedding will have on the UK but I’ve no doubt others will disagree.
I think this news is just what we need. Especially after the Institute of Directors published its economic forecast for 2011 predicting a slowdown in growth as the recovery takes on a square root shape. The slowing pressures on the economy, it concluded, were insufficient to trigger a double-dip recession unless confidence faltered. But, what could instill more confidence in a nation than a Royal wedding?
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