The day of the funeral of Queen Elizabeth II, Monday, September 19, will be a public holiday in the United Kingdom. The country will stop and activity will slow down according to Catherine Mathieu.
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On Monday, September 19, the funeral of Elizabeth II will take place in London, at Westminster Abbey. King Charles III, his son who succeeded him, declared a public holiday in the UK for the occasion. “We can estimate that we will have a loss of activity and a loss of 0.8% of GDP over the quarter“, explained Monday, September 12 on franceinfo Catherine Mathieu, economist at the OFCE and specialist in the United Kingdom.
According to her, “it is difficult to quantify the economic impact of this funeral and this public holiday because it is an exceptional event“. However, she recalls that “in previous exceptional events such as the Queen’s Jubilee last June, when a public holiday was also granted, the country lost up to 0.8% of GDP in the quarter in question“.”We can estimate today that we may have a loss of activity of this order“, she adds.”What will be especially important is to see on September 19, how many people will actually be on leave“.
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“This moment will remain an important element for the new Prime Minister Liz Truss“, also says Catherine Mathieu. “For the moment, political time is suspended, so we will see at the end of September or October what types of measures she can take to revive the British economy and prevent it from plunging into a deep recession.“.
Queen Elizabeth II died Thursday at the age of 96 in her Scottish castle of Balmoral.