Over a billion pounds, equivalent to $1.25 billion, will go to British economy thanks to his coronation Charles. So say the organizers of the extremely expensive coronation of the monarch, which has been sharply criticized by economists as it would be a blow to the British economy. Among the assessments of the impact on the UK economy is an assessment by the consulting company Pantheon Macroeconomics, which predicts a fall in UK GDP in May by 0.2% compared to April due to two additional days off in connection with the coronation. Other economic analysts are clearly more pessimistic, forecasting a 0.7% fall in GDP in May and a slight contraction in the UK economy in the second quarter as a result of all this spending and fewer working days.

Analysts estimate it for May in the range of 0.2% -0.7% – $ 1.25 billion will flow into the British economy, the organizers say.

This is the estimate of Bloomberg Economics economist Dan Hanson, who also predicts a similar decline in GDP for June. At the same time, James Smith, an economist at ING, believes that this small drop will lead to a reduction in the UK’s overall GDP in the second quarter. In addition, Sanjay Raja, an economist at Deutsche Bank Britain, forecasts a 0.5% drop in GDP in May, leading to a slight overall decline in the second quarter.

As he notes, it is true that “some industries, such as hotels and entertainment, will profit, but others will suffer due to the extra holidays associated with the entire coronation ritual.” According to economic analysts, the coronation of Charles will be the second time in a year that the protocol of the royal house will harm the growth of Britain. The coronation ceremony has also been criticized by many as extremely expensive at a time when Britain is facing a soaring cost of living and high inflation, with many British households unable to keep up with the costs.

However, in the short time that Charles became the monarch of England, the British economy proved to be more resilient than expected. Recession forecasts have not come true this year, although inflation in Old Albion remains in double digits.