2022 is a special year, not only because it marks the Queen’s 70th year on the throne, but it also gives Brits an extra bank holiday to look forward to.
From Thursday June 2 to Sunday June 5, the UK, Overseas Territories and Commonwealth will join in celebration of the Queen’s Platinum Jubilee.
After the past two years dealing with the coronavirus pandemic, it is exactly what people need as the streets will be lined with parties and torches will light up the sky.
However, with the cost of living crisis truly in effect, and predicted to get worse, some are questioning if the exorbitant price tag the bank holiday comes with is worth it.
The money for the event is coming from several different revenue streams, and some won’t be happy to read a big chunk comes directly from the UK taxpayer – aka us.
Chancellor Rishi Sunak has set aside £28million of taxpayers’ money for the four-day event, according to the government’s March 2021 budget.
The government promises the money will be worth it though, as it will be a “once-in-a-generation show”.
It will mix “the best of British ceremonial splendour and pageantry with cutting-edge artistic and technological displays”.
The celebration is broken down into several events, such as the Platinum Jubilee Pageant, which is costing £15million alone.
The £28million total is being divided accordingly, with some of it going to help revamp venues – such as £3million going solely to support village hall improvement projects in 100 different venues.
The money isn’t all for celebrations though, as £12million has been put aside for new books in primary schools called Queen Elizabeth: A Platinum Jubilee Celebration.
However, it hasn’t been confirmed if this money is coming from the £28million taken from the taxpayer.
How much bank holidays cost the UK depends on their date and length, but they typically set the nation back billions.
According to a 2012 study by the Centre for Economics and Business Research think tank, it estimated that each bank holiday cost the British economy £2.3billion through lost productivity.
To give an idea of what the four days off for the Platinum Jubilee will cost, the Diamond Jubilee in 2012 was believed to have cost somewhere between £1.2 and £3.6billion.