Royal diversion from economic realities

 

Britain’s showy royal wedding afforded the UK media a means of diverting public attention from the painful realities of the country’s economic situation, analysts say.

Despite the media’s extensive coverage months before the nuptials and its live broadcast of Prince William’s and Kate Middleton’s wedding ceremony, analysts say the extravagance will have only a short term impact on the British economy.

Amid reports from business groups that the ceremony will boost the economy by up to £1 billion, the Confederation of British Industry dismissed such claims, estimating the economic damage from the bank holiday on Friday at around £6 billion in lost productivity.

While Prime Minister David Cameron spoke of “no greater country and better place to be than right here” where all the people had “something to celebrate” on the wedding day, many Britons were most likely about their lost jobs and uncertain future due to the country’s economic crisis.

In fact, according to Bloomberg analyst Elliot Gotkine, “in terms of the British economy, it (the wedding) may actually be a bad thing, believe it or not.”

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