Britain’s pubs, restaurants and retailers are gearing up for a roaring trade from celebrations to mark the coronation of King Charles III. But the UK economy as a whole could suffer as workers take an extra day’s holiday. The historic event could help give an instant lift to sentiment and spending in an economy beset by strikes, stubbornly high inflation and falling living standards. UK gross domestic product is expected to shrink by 0.
“The power of royal influence is really important for brands,” she told CNN. A $1 billion hit to GDP? The royal occasion will also deliver a crucial boost to the UK hospitality sector, which had barely recovered from the Covid pandemic when it was hit by soaring food and energy costs. A third of hospitality businesses say they are at risk of failure within the next year, according to a recent survey by industry body UKHospitality. “The coronation is a really helpful moment in time.