Just like every other massive economy in the world, Britain too is currently facing the full-blown wrath of the global economy. Unlike the rest of the world, Great Britain is facing even greater dramatic turns in its political and economic agendas. With the demise of Queen Elizabeth II, the glitch in the British imperialism after her demise caused a few unexpected social, economic and political scandals all over the British empire.
As the world is facing an economic standstill, Britain too was affected. Initially, the gas prices and the Russian- Ukrainian conflict caused an energy hike, increasing the cost of living for British citizens. Further to enumerate the economic issues that arose due to energy, the state-mandated holidays which halted production and general activities were also a reason.
Beginning with the Queens Platinum jubilee the economy shrank by 0.1%, further after the death of the Queen the economy further plummeted as inflation rose to 10% recording the highest inflation the nation faced since the 1980s. The Bank of England has declared that the risk of recession England is facing will well go in 2024. Production was anticipated to drop because of the holidays that England faced and this was the reason that paved way for this halt in economic growth.
After decades of the Queen’s reign, her death came with a large price. There is indefinitely a cost incurred for the change in currency and stamps. Her face and designations are expected to be replaced by that of the new king. Replacing all these with that of the new monarchs would at least take at least two years. The Guardian states that there are 4.5 Billion pounds worth of banknotes in circulation in the British economy currently and the monetary value of these come to a value of 80 billion pounds. This is a large value, and the replacement process for the currency itself would be a notable cost. The cost incurred for the platinum jubilee, the funeral and the upcoming coronation also add to the nation’s economic burden. Although royal-related events tend to upheave the UK’s economy tourism vice the cost is still existing and that is a heavy burden for the taxpayers and the government to bear.
It is not only Her Majesty’s death that caused this chaos. The energy crisis that resulted in inflation, unrealistic cost of living and the final unanticipated tax policies caused social panic. Liz Truss the former PM of England in her set of policies implemented some careless policies which would cripple the struggling economy further. Her policies, although some of them were for the benefit of the common man, were also very unrealistic. Her pledge to increase the energy supply instead of rationing for winter, her ruling out the windfall tax to pay for struggling families, and her tax margins for the income classes were surreal.
In this current crisis for energy the country is facing it is vital that energy is rationed, without this the country is anticipated to face blackouts during winter when energy is at its highest demand. A shortage of gas during winter if this were to pass would and is causing social panic. Her ideas regarding energy are unreal and they are sure to cause social chaos if they were to be passed.
Her tax cut policy to reduce taxes by 38 billion pounds annually, according to economists would actually cost the nation more than 50 billion pounds a year. However, the tax cuts are said to cause no change for the betterment of the people or the economic growth but actually are estimated to abolish what remains of it.
Finally, to mark the end of that era, Liz Truss too resigned last week due to much social backlash from fellow government officials and the community.
Apart from the economic demise of the country and the scandals and drama, the death of the queen came with many mixed feelings.
Many nations under the British imperialism had different outlooks on the death of the queen. Many nations and citizens in the UK itself essentially celebrated and reminisced about the xenophobic aspects of the British colonialization. It brought up many conversations regarding the horrors of the era of the British empire. Many expressed their joy at the death of the monarch and more vigorously expressed their disgust at the next in line. The world was held at a very confused standstill for a while where many people all over the world bore different ideas regarding the Queen and her life.
Many reminisced stories containing graphic details of slavery, destruction of nations and cultural infiltration surfaced again as England mourned her death. Some people and nations even were relieved that her monarchy was over.
Overall, England is very confused, to no surprise as the rest of the world is also going through the same rollercoaster ride. England, in all its glory, stands alone and confused, without its monarch, with no clue as to how to proceed
