September 27, 2022

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As the UK mourns the passing of Her Majesty Queen Elizabeth II, leisure time and canceled events will hurt an economy already struggling with an energy crisis. However, an influx of tourists from abroad and domestic travel is expected to mitigate the overall impact.

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Monday, Queen Elizabeth II’s state funeral day, will be a bank holiday, meaning many businesses will be closed, including most supermarkets and movie theaters.

Danny Hewson, UK financial analyst at AJ Bell, told FOX Business: “The Department for Culture, Media and Sport estimates this will cost the UK economy £2.3bn ($2.6bn), although inbound tourism is likely to increase as foreign citizens make their trips. a way to pay homage and experience this piece of history.”

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Some hotels were not so respectful. According to Ken McNab, managing director of The Travel Company Edinburgh, “Hotel prices in London have doubled in many establishments overnight” as “London’s popularity skyrocketed”.

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Many sporting and cultural events have also been canceled as a sign of respect. Orientation weeks at many British universities, including Will and Kate’s St Andrews alma mater, have also been cancelled. With the UK drinking age at 18, this will hurt university profits due to the loss of liquor sales in student unions.

A spokesman for Heathrow announced yesterday that “in deference to operations to and from the airport, appropriate changes will be made to avoid noise interference at certain locations at certain times on Monday.”

However, some of that expense is being offset by increased travel as mourners flock to pay tribute to the life of Britain’s longest-reigning monarch.

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Joss Croft, CEO of travel agency UKinbound, said: “We are seeing a growing number of international visitors coming to the UK, London in particular, to not only pay tribute to Her Majesty the Queen, but to celebrate her life.”

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The Queen’s death “sparked an immediate burst of activity in the home markets, with people heading first to Edinburgh and now to London”. according to McNab.

Danny Hewson also told FOX Business that despite store closures out of respect, “London markets have been resilient so far. [and] while Parliament will be suspended for several days, a new living wage plan will be rolled out behind the scenes, providing a safety net for families struggling with money.”

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The state funeral of Her Majesty Queen Elizabeth II will be held at Westminster Abbey and a solemn service will be held at Windsor Castle on Monday 19 September.

Ernie Sadashige of FOX Business contributed to this article.