What Impact Will The Royal Wedding Have On The UK Economy?

What Impact Will The Royal Wedding Have On The UK Economy?

The Royal Wedding took place on Saturday and the entire world was gripped with wedding fever. But Prince Harry and Meghan Markle’s Royal Wedding wasn’t just about two people who are in love making a sacred vow to be with each other for the rest of their lives.

We all know the UK economy is suffering ever since the Brexit vote. There have been several ways the government tried to sustain the economy. While few of them did work, most of them were an utter failure.

Out of all, the alternative finance industry is the sector that has been able to sustain the UK economy. And we believe that the rise in the alternative finance firms will surely have a huge and a positive impact on the country’s economy.

The alternative finance firms started to gain popularity not only because it offers funds at a lower rate, but it offers a wide range of funding options to multinational enterprises, small businesses and start-ups.

Compared to the traditional banking institutes, the approach that the alternative finance industry has adapted is found to be very productive and effective in sustaining the UK economy.

Previously, the SMEs across the UK were very doubtful in using this alternate financing option. But unlike the traditional banking institutes, the alternative finance industry proved themselves worthy enough to gain people’s trust. Today, millions of small businesses and start-up opt for funding solutions offered by various alternative finance firms.

Apart from these millions of small businesses across the country, there are few million companies that yet choose traditional funding sources over this reliable option. To increase the awareness regarding the alternative finance industry among the people and business owners, the UK government has stepped up to help.

Coming back to the Royal Wedding of Prince Harry and Meghan Markle, we believe, that it won’t really have a huge positive impact on the UK economy. Although the wedding is all set out to take place this Saturday and should have some benefits to the economy, the overall impact is most likely to be very limited.

If we go to see, the sectors that would mostly benefit from the Royal wedding include retail, tourism and possibly the catering. Additionally, we think that there might also be a slight lift to consumer confidence coming from a ‘feel good factor’.

The Royal Wedding among the most talked couple Prince Harry and Meghan Markle is going to be celebrated across the entire country this week. A lot of different speculations have been made on how much the country will be able to celebrate the resulting boost to the UK economy altogether.

The UK economy could definitely be uplifted by this boost after facing a poor first quarter of the year while having a very slow start to the second quarter.

Although the economic experts of the country are unable to put definite numbers on the potential gain, they still believe that the Royal Wedding is likely to bring some benefits to the UK economy. But if you ask us, we believe that these benefits will be very limited or rather a temporary boost to the country’s economy. Reason being, it is mostly focused on some sectors notably retail, tourism and catering and pubs.

The retail sector is likely to benefits as the people would buy Royal Wedding souvenirs such as plates, cups and magazines. Apart from a boost to the retail sector, the catering sector would experience a boost from sales of food and drinks from people holding street parties. Pubs on the other hand would also benefit as they are already given the permission to stay open for longer hours.

Like we also mentioned above, there would also be some boost to consumer confidence because of a ‘feel good factor’ due to the Royal Wedding. However, all these effects are short lived as it really would not affect the economy fundamentally.

A Royal Wedding or not, the businesses and people of the UK should really start looking for ways to sustain their economy, especially before the Brexit effects drown upon them.

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