“We all need to get the balance right between action and reflection. With so many distractions, it is easy to forget to pause and take stock.”
– Queen Elizabeth II
In today’s period only 40 out of 196 countries have some form of monarchial government. The most well known is the British Royal Family headed by Queen Elizabeth II, 94. At 94 years old, Queen Elizabeth II, has outlasted many world leaders. She has reigned for more than 68 years and is the longest-serving British monarch ever, breaking the record set by Queen Victoria, her great- great- grandmother, in 2015. The British Royal Family has been one of the most talked and controversial families.
Since the Glorious Revolution of 1688, Britain has remained a Constitutional monarchy. The monarch provides assent to laws made by democratically elected House of Lords and House of Commons; no lawmaking power.
Why does the British Royal Family still exists?
The royal family embodies their tradition and keep them live for the future generations. The Royal Family today only does charitable events and visits other countries representing UK. But, besides this the Royal Family has a bigger role in the economic development of UK. The Royal Family was once called ‘Britain’s Greatest Treasure’ after being valued atover €67.5 billion- Tangible assets €25.5 billion and intangible being €42billion. This valuation comes from their contribution to various industries, directly and indirectly.
Another major chunk of this valuation is the tourism that the family brings to it’s various palaces through its appeal of royalty and pomp. In 2016, more than 2.7 million tourists visited Buckingham Palace, Windsor Castle and other key royal attractions. Hence, boosting Britain’s tourist revenues for the year by approximately £550m.
The monarchy in 2017 made over €1.766 billion for the economy of UK, mainly through 8 main memebers of the royal family.
How does the British Royal Family makes money?
Tracing back to 1800, when Queen Victoria bought the the palaces and other royal properties which Queen Elizabeth II and other royal family members have been passed down by generations and inherited. This means, even if Queen Elizabeth II leaves the throne, her inherited properties would be with her only. For instance, Lancaster Palace dating back to 14th century. It’s an ancestral property and now provides the Queen private income. Besides Lancaster, other such properties are Ogmore Castle, Pontefract Castle etc throughout the UK. The most profitable being, The Savory Chapel. In the past 60 years, the Duchies have been profitable. The Crown Estate properties include The Windsor Castle, The Buckkingham Palace, The Tower of London which are iconic landmarks. This part of their income is called the sovereign grant. Between 2018 and 2019, this amounted to 80million pound.
Well, even today the debate still continues whether the taxpayers or the Royal Family should pay for Windsor Castle catching fire in 1992. The taxpayers demand that why should they pay for the Windsor Castle fire, when it’s Queen Elizabeth II ‘s house.
What if the Royal Family would have been abolished by Britain.?
The family would have to give up on The Buckkingham Palace. Royal expert Marlene Koenig explained that even though other countries such as Greece and Bulgaria have gotten rid of their monarchies, there’s little chance of it happening in the United Kingdom. “It would take legislation, an act of Parliament, and signed by the Sovereign to end the monarchy.”
Like Meghan Markle and Prince Harry, the future generation would need to carve their own future and find private sector jobs.
It would affect the economy of the United Kingdom. As the monarchy is a great investment and am asset for the UK and it’s industries contributing almost €2 billion each year to the economy, costing the country’s 67 million citizens about €4.50 each year.
But, in the near future it doesn’t seem to be the end of The British Royal Family.
The royal family is still very important to the UK with immense economic contribution. Since late 17th century, the royal family has been a constitutional monarchy . They do not have any role in law making . But, at the same the same time are an asset for UK . The royal family play an integral role in the development, espescially economically in the Brexit era. The British Royal Family still exists and has survived by being more open, flexible and democratic unlike French Monarchy which was destroyed in 1790s.
Written by: Khushi Shah
Citations:
https://www.insider.com/what-would-happen-to-royal-family-if-britain-abolished-monarchy-2020-3
https://www.historyextra.com/period/modern/why-royal-family-exist-guide-arguments-why-should-be-abolished-republicanism/