Wednesday, July 27, 2011

William-Kate wedding hit British economy

IIPM Mumbai Campus

The royal wedding of Prince William and Kate in April was supposed to have catalysed Britain's ailing economy, but official figures released today show that it was one of several events that affected GDP figures adversely. The Office for National Statistic (ONS) said that growth in the UK economy slowed in the three months to 30 June. GDP grew by only 0.2 per cent in the second quarter, which is down from the 0.5 per cent growth in the previous quarter. The ONS highlighted a number of special events in the second quarter that may have affected the GDP figures, such as the additional bank holiday for the royal wedding, the wedding itself, the after-effects of the Japanese earthquake and tsunami, the first phase of Olympic ticket sales and the record warm weather in April. During the build-up to the royal wedding, experts claimed that the enthusiasm for the event would have a positive impact on Britain's economy, including from larger than usual entry of tourists.

The ONS estimated that without these events, GDP would have been 0.5 percentage points higher. While chancellor Goerge Osborne said the 0.2 per cent growth was good news, shadow chancellor Ed Balls accused him of choking the recovery.

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13 comments:

suri said...

Everybody is worried about the global economic slump and the Great Britain is one of the most affected economies.

In April, when Prince Williams and beautiful Kate Middleton got married, the royal wedding was supposed to provide much required support for the ailing economy of England. However, the official statistics that have been released recently shows that the royal wedding of Kate Middleton and Prince Williams created an adverse effect and the GDP figures went downward.

According to the Office of National Statistics (ONS), the growth in the economy ofg United Kingdom slowed in last three months to June 30. In the second quarter, the GDP experienced a minute and actually insignificant increase of 0.2 per cent. This is lesser than the growth that was observed in the previous quarter.

vijaykumar said...

The ONS highlighted a number of special events in the second quarter that may have affected the GDP figures, such as the additional bank holiday for the royal wedding, the wedding itself, the after-effects of the Japanese earthquake and tsunami, the first phase of Olympic ticket sales and the record warm weather in April.

pramod singh kandasi said...

The royal wedding of Prince William and Kate in April was supposed to have catalysed Britain's ailing economy, but official figures released today show that it was one of several events that affected GDP figures adversely.
The Office for National Statistic (ONS) said that growth in the UK economy slowed in the three months to 30 June. GDP grew by only 0.2 per cent in the second quarter, which is down from the 0.5 per cent growth in the previous quarter.
The ONS estimated that without these events, GDP would have been 0.5 percentage points higher. While chancellor George Osborne said the 0.2 per cent growth was good news, shadow chancellor Ed Balls accused him of choking the recovery.

suri said...

As thousands packed the streets of London to celebrate the wedding of Prince William and Kate Middleton on Friday, millions more around the world joined in the fun.

Royal-themed parties were held from Beijing to New York, while up to 2 billion people worldwide were expected to watch the wedding on television, the British government estimated

suri said...

Royal wedding fans braved an early morning in New York to mark the big day with street celebrations and to watch three couples tie the knot in Times Square. Cable TV station TLC sought to boost ratings by organising the weddings on a stage erected above the busy intersection in Manhattan.

suri said...

Everybody is worried about the global economic slump and the Great Britain is one of the most affected economies.

In April, when Prince Williams and beautiful Kate Middleton got married, the royal wedding was supposed to provide much required support for the ailing economy of England. However, the official statistics that have been released recently shows that the royal wedding of Kate Middleton and Prince Williams created an adverse effect and the GDP figures went downward.

According to the Office of National Statistics (ONS), the growth in the economy ofg United Kingdom slowed in last three months to June 30. In the second quarter, the GDP experienced a minute and actually insignificant increase of 0.2 per cent. This is lesser than the growth that was observed in the previous quarter.

suri said...

"The positive news is that the British economy is continuing to grow and is creating jobs. And it is positive news too that at a time of real international instability we are a safe haven in the storm."

preeti said...

During the build-up to the royal wedding, experts claimed that the enthusiasm for the event would have a positive impact on Britain’s economy, including from larger than usual entry of tourists.

preeti said...

But Balls said that the slowdown was a serious problem for the government and said: “These figures show that last year’s recovery has been recklessly choked off by George Osborne’s VAT rise and spending review,” he said”.

preeti said...

These events included the additional bank holiday for the royal wedding of Prince Williams and Kate Middleton, the wedding itself, the after-effect of earthquake and tsunami in Japan and the first phase of sales of Olympic Tickets along with the record warm weather in April.

preeti said...

The British royal family continues to be a global icon as shown by the tacky paraphernalia surrounding the wedding – but at least it is more dignified than the iPads scrambl

preeti said...

The wedding may give the beleagured British economy a much-needed boost, but an extra public holiday to celebrate it will wipe out any gains

preeti said...

The extra bank holiday on April 29 could result in a 0.25% reduction in GDP growth in the second quarter of this year, analysts at brokers Investec said