A new king on the throne: what will change and what won’t

    Business Spotlight 11/2022
    The British royal family
    © Lorna Roberts/Shutterstock.com
    Von Richard Mote

    After her 70 years as queen, Elizabeth II’s name and image are all over Britain and the Commonwealth. Changing that will take a lot of time and money. And money is a good place to begin: The Guardian reported that there are 4.5 billion sterling bank notes in to be in circulationim Umlauf seincirculation with the queen’s face on them — worth a total of £80 billion. Replacing those with notes that to feature sb./sth.jmdn./etw. zeigen, darstellenfeature King Charles will take two years at least. Since 1960, the queen’s face has appeared on £1 notes. She’s also on $20 banknotes in Canada, the Australian $5 note, and on coins and notes in many other Commonwealth countries.

    Royal warrants and arms

    The queen’s royal warrantkönigliche Urkunde für Hoflieferantenroyal warrant is given to businesses that have historically supplied the royal family. There are reportedlyangeblichreportedly more than 600 of them — including Gordon’s gin and Swarovski jewellerJuwelier(in), Schmuckhändler(in)jewellers. These companies will lose their warrants, unless given a new one. It’s possible that the criteria for royal warrants might change, requiring better environmental standards, for example.

    The royal armskönigliches Wappenroyal arms, featuring a lion, a unicornEinhornunicorn and a shield(Schutz-)Schildshield, appears on many government buildings and on stationeryBriefpapierstationery. Changing all that would be very expensive, but it may not be necessary — unless the king chooses to update the royal standard.

    Post boxes, stamps and flags

    From police stations to military regiments, thousands of flags across the UK and the Commonwealth display the royal cypherChiffrecypher “EIIR” (“Elizabeth II Regina”). Replacing these will be a huge task. Britain’s iconickultig, mit Kultstatusiconic red post boxes, also marked with ER, will most likely stay. There are much older post boxes still in use today. However, the post office will soon start using new stamps with the profile of King Charles.

    The Commonwealth

    Of the 56 Commonwealth nations, 14 countries recognize the British monarch as head of state. Many of them became independent only in the 1960s, and their constitutionVerfassungconstitutions must be updated. In some cases, like Jamaica, which has a strong republican movement, constitutional changes require a referendum. After Barbados became a republic in 2021, the queen’s death might to prompt sb.jmdn. veranlassenprompt other Commonwealth nations to do the same.

    The wealth of the royal family

    Most of the royal family’s wealth — thought to be more than £18 billionMilliarde(n)billion in propertyImmobilie(n)property and other investments — will automatically pass to King Charles. This includes the monarch's primaryhauptsächlichprimary source of income, the duchyHerzogtumDuchy of Lancaster estateAnwesen, Landgutestate. And thanks to a law introduced in 1993 to protect royal assetVermögenswertassets, the king pays no inheritance taxErbschaftsteuerinheritance tax on the estate, reportedly worth more than $750 million. Non-royal residents of the UK pay a 40 per cent tax on property valued over £325,000.

    Other parts of the estate move down the line of successionErbfolgeline of succession. Prince William (now the heir to the throneThronerbe/-erbin, Thronfolger(in)heir to the throne) has to inherit sth.etw. erbeninherited the private Duchy of Cornwall estate from his father. This large estate of land and property in the southwest of England has been in the family since King Edward III created it in 1337. It covers almost 140,000 acreAcre, Morgen (ca. 4047m2)acres and is valued at around £1 billion.

    What will it cost?

    Even in death, someone must pay the bill. The true cost of Queen Elizabeth’s death may never been known, as much of the UK economy simply stopped working when the news was announced — many businesses closed and events were cancelled.

    As a comparison, William and Kate’s wedding, in 2011, had a nominal cost of around £30 million, but the event probably cost the economy several billion pounds in lost work. The death of a beloved queen and the coronation of the new king will be much more expensive.

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