It wasn’t good.In the latest minutes from the Bank Of England, the marriage of William and Kate is twice mentioned — alongside the Japanese Earthquake (!) — for having a negative impact on the UK economy, and for adding volatility (via @alea_).
Business confidence surveys pointed to a pickup in underlying growth in the near term. But
growth was likely to continue to be temporarily affected by special factors. In particular, the royal
wedding and supply chain disruptions following the earthquake in Japan were likely to dampen GDP
growth in the second quarter and boost it in the third.
Abstracting from the volatility associated with heavy snow in December, output appeared to
have been broadly flat over the previous two quarters. The Committee’s central judgement was that
some pickup in underlying growth was likely during 2011 – albeit less than judged probable in
February – driven by a continuing recovery in business investment and a positive contribution from net
exports. But temporary factors, such as the effects of the additional bank holiday associated with the
royal wedding and supply chain disruption from the Japanese earthquake and tsunami, were likely to
add some volatility to quarterly GDP over the coming quarters.
Just think, last November it was predicted that the wedding would be a boon. With any luck, Prince Harry won’t be getting married anytime soon.
Minutes here (.pdf).
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