(CNN) – It’s not for nothing economics is called “the dismal science,’ so leave it to an economist to rain on today’s royal wedding in London.
As tens of thousands of tourists flock to London and hundreds of millions more watch on television and online, the assumed wisdom is that the influx of tourist dollars and attention will be good for the struggling UK economy.
Indeed, PricewaterhouseCoopers estimates that the city of London will reap £107 million ($177 million) commercially from the influx of revelers. Retail researcher Verdict estimates the boost to the UK economy could approach $1 billion.
Estimates of actual costs of the wedding vary wildly (and the royal family is reportedly paying most of the costs privately) but the security costs are estimated to hit £20 million ($33.2 million), according to the Daily Mail.
But the real cost to the British economy could be a 0.1% hit to UK GDP this year – “if you want to monetize that … that comes something between £1.5 billion to £2 billion ($2.5 billion to $3.3 billion),” said Philip Shaw, chief economist at Investec.
About Business 360
CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.