HIGH SPENDING IN BRITAIN

Press, Volume LXXXIX, Issue 27055, 2 June 1953, Page 7

HIGH SPENDING IN BRITAIN

EXTENDED HOURS FOR HOTELS

LONDON. May 31. Britain is about to launch on one of the major spending sprees in her history, says the “News Chronicle,’’ commenting on heavy withdrawals of money from banks in the last few weeks. “Coronation week with all its festivities, with public houses open till all hours, with a heavily-backed Derby and with hundreds of thousands of foreign visitors, will see more money changing hands in Britain than has ever occurred in a like period.” The circulation of bank notes during the week ended last Wednesday increased by £8,805.000. This follows the increase of £3,882,000 in the preWhitsun week.

Normally money comes back from circulation after the Whitsun holiday, but this year, instead of coming back, more money has gone out. The “News Chronicle” lists some of the items which mean great expenditure during Coronation week. "The bill for decorations by the Government, including the stands and Westminster Abbey annex, will be just on £1,000.000. Adding the amount spent by local authorities the total is likelv to be well over £10,000,000. “There will be about 200,000 overseas visitors in Britain for Coronation week. On the average they will spend £3 a day, which makes £600,000 daily. The normal daily expenditure on alcoholic drink in Britain is jus: over £2,000,000. With healths to Her Majesty and public houses free to keep open until midnight and after in Coronation week, the figure is expected to be nearly doubled. “On fireworks more than £25,000 will go up in smoke in the central London display alone on Tuesday night. For the whole country the fireworks bill is conservatively estimated at more than £lOO,OOO. “The Derby at the end of the week is expected to attract more support from punters than in any previous year. With the Queen’s horse a near favourite, and Sir Gordon Richards given a fair chance of breaking his Derby luck, more people than ever will have a flutter. It is expected that up to £5.000.000 will change hands in bets on this classic race.

“Add to all this the sums spent on travelline to and from the celebrations. village dances and teas, children’s mugs and souvenirs, new clothes, robes and jiaras, and it becomes certain that the expenditure will break all records. Of the extra expenditure a large part, probably nearly half, will go back to the Exchequer via beer and spirits and tobacco duty, entertainment tax. and purchase tax.”