🤔 Will the coronation really help the economy? ⬇️ The latest from our financial commentator, HamishMcRae5
in the last financial year, even the high figure is just 0.05 per cent of government revenues or about £5 for every person in the UK. So sure, money could be saved, but it would not make a significant difference to our lives.The other way is to call for more transparency, and in particular a clearer distinction between the family’s personal wealth and what they do as work for the country.
My instinct is that a clearer distinction between personal and public, coupled with sensible financial management would square the circle. The country would feel it got better value for money, and the brand would not be damaged – indeed it would be enhanced.One oddity of the financial costs of the Coronation is the possibility that one event might cost as much as the entire year’s cost of running the whole business of the monarchy – about £100m. That defies common sense.
What makes this interesting is that in correct accounting terms all costs should be charged, including sunk costs, whereas in real life most of us usually have a quite different attitude to capital costs, or other spending in the past that cannot be recovered, from current costs. For example, there are many older people living in homes in which they brought up their families but which on rational grounds are too big for them. In accounting terms they should look either at the implied rent – what it would cost to rent a similar place – or the return they might get were they to downsize and invest the spare money elsewhere.
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