The Royal Wedding is set to cost taxpayers a fortune and while it is expected to boost tourism, experts say the benefit to the UK economy is likely to be minimal.
Prince Harry and Meghan Markle’s nuptials will cost an eye-watering £32mln with security alone costing £30mln, according to estimates from wedding planning website Bridebook.co.uk.
That's more than 100 times the average £18,000 UK couples pay using Bridebook.
The overall price of Prince William and Catherine Middleton’s wedding in 2011 was reportedly £20mln, including £6.4mln for security.
Royal wedding to provide support to retail sales and tourism
Much like William and Kate’s big day, Saturday’s affair at Windsor Castle is expected to support tourism and increase sales at pubs, restaurants and retailers.
Rachel Lund, head of retail insight and analytics at the British Retail Consortium, said: “A royal wedding alongside an FA Cup Final is likely to provide a positive, albeit short-lived impact on retail sales.
“Clothing and footwear was a big winner from the marriage of the Duke and Duchess of Cambridge, setting a record for growth that month, as people sought to replicate the style of the newest addition to the royal family.
“With the country in the mood to celebrate, food and drink sales were also exceptional. We expect to see a similar pattern around the 19th May.”
Data from the Office for National Statistics showed retail sales volumes rose 1.1% month-on-month in April, 2011, when William and Kate tied the knot.
Separate figures from the ONS revealed the UK received an extra 350,000 visitors in April.
The economy grew by 0.5% the first three months of 2011 but household spending fell by 0.6% in real terms, according to the ONS.
VisitBritain said for the 2011 wedding, more than 600,000 people reportedly passed through Buckingham Palace’s gates, an increase of nearly 50% on 2010 visitor numbers.
Benefits to the economy to be 'very limited', says economist
But some economists expect the overall benefit of this year's wedding to the economy to be limited.
Howard Archer, chief economic advisor to the EY ITEM Club, said: "There should be some benefits to the UK economy from the Royal Wedding, although we would be wary of over-egging the potential impact or seeking to put a hard figure on the potential gains."
He added: “We suspect there will be a very limited, temporary boost to the economy focused on some sectors, notably retail, tourism and, possibly, catering and pubs.”
He said the wedding will likely see an increase in purchases of Royal Wedding souvenirs, such as plates, cups and magazines.
Retail and catering sectors will benefit from sales of food and drink for people holding street parties, while pubs will gain from being given permission to stay open for longer, Archer said.
“There could also be a temporary boost to consumer confidence due to a feel-good factor from the Royal Wedding,” he added.
“However, this will likely be short-lived as it does not affect the economic fundamentals facing households.”
Since the wedding will be held on a weekend and there is no public holiday, there is also less likely to be any negative impact on productivity.
But will the benefits of the wedding to the economy be enough to justify the price tag, much of which will be funded by the taxpayer?
How much will taxpayers pay?
Taxpayers will foot the bill for security as they did for the last Royal Wedding.
Thames Valley Police will have to absorb the cost itself initially but will be able to apply for special grant funding from the Home Office after the event to claim expenses.
The Royal Family has said it would pay for the private elements of the wedding.
This year, the palace will receive £82mln from the annual Sovereign Grant, which is directly paid by the Treasury.
The amount is calculated by the percentage of profits from the Crown Estate portfolio, which includes much of London's West End.
In addition, some members of the Royal Family receive additional income from their own investments such as land and property.
However, it is not clear where the monarchy will take the funds to pay for Harry and Meghan’s wedding.
Republic, which campaigns for an elected head of state, claims the overall cost of the Royal Family is much higher than £82mln. It has submitted a petition against taxpayers' money being used for the wedding.