A new study into the Royal Family and its contribution to the UK economy should have the republicans rethinking the whole thing.
The study, by business valuation consultancy Brand Finance, found the Royals are now worth a staggering £67.5 billion or $118.35 billion Australian dollars.
If you so wish, you can read Brand Finance’s full Monarch Finance report here.
Brand Finance estimates that in 2017 the Monarchy generated a gross uplift of £1.766 billion ($A3.1 billion) to the UK economy.
The economic benefits generated by the Monarchy come at a very low cost to the British nation, equal to only £4.50 ($A7.90) per Royal per year or just over 1p a day.
The overall costs of the Monarchy, totalling approximately £292 million ($A512 million), include the Sovereign Grant, earnings from the Duchies of Lancaster and Cornwall ceded to the Queen and the Prince of Wales, and security expenses, among others. A significant proportion of these costs is in fact incurred by residence maintenance, staff salaries, and travel expenditures required by any head of state.
The contribution includes the Crown Estate’s surplus as well as the Monarchy’s indirect effect on various industries. The respect for the institution boosts the price and volume premium of brands boasting a Royal Warrant or a Coat of Arms; the appeal of pomp and circumstance set in living royal residences draws millions of tourists; the mystique surrounding the Monarchy adds to the popularity of shows like The Crown and Victoria that offer a glimpse of the private lives of the Royal Family.
Commenting on the study, Brand Finance’s Australian MD, Mark Crowe, said: “The support for the Monarchy in Australia is strong, but certainly not solid. While the constitutional debate about a republic continues, the Monarchy’s popularity is increasing thanks to the younger Royals.”
“Irrespective of the future of the Monarchy in Australia, there will continue to be extensive opportunities for Australian holders of Royal Warrants and Coats of Arms to leverage the inherent value of these globally recognised designations.”
Brand Finance’s CEO, David Haigh, added: “Exactly 25 years ago, the Windsor Castle fire marked the nadir of the Queen’s annus horribilis when scandals drove the Monarchy’s popularity down. Today, its universal appeal translates to the attraction of Brand Monarchy offering considerable commercial benefits to all businesses and institutions associated with it.”
“Especially in the age of Brexit, Britain can rely on royal diplomacy to facilitate trade relations with the Commonwealth and the rest of the world.”