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Jubilee Boost for British Economy

Not only has the Jubilee weekend come as a welcome break from work for people across the UK, but the celebrations have also provided a much-needed boost to the British economy.

An estimated £823 million has been spent on Jubilee related paraphernalia and merchandise. Many retailers have announced huge sales in things such as bunting, t-shirts and tea towels.

Food and drink has also flown of British shelves, with sales in wine, strawberries and Pimms up drastically, due in part to Jubilee parties and celebrations, and partly to the recent sunny weather.

The Jubilee effect is similar to that seen last year when the Royal Wedding took place. Total sales went up 7% in April last year, and a similar trend is expected over this extended Jubilee weekend.

There is also a boost to the tourism industry, with many people travelling to London to join in the various celebrations, and some flying in from various parts of the world just to be part of it all.

The Office of National Statistics has also released some interesting financial facts about the sixty years Queen Elizabeth has been in power.

In 1952, £1 had the equivalent fiscal value of £24.34 today.

In 1952 the most common line of employment was that of 'clerk', with one million people occupying such roles in the UK. Today production and sales are the biggest UK employment sectors.

There are also 4 times as many divorces in the UK now than there were in 1952. 

By Sean Dudley

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