Queen Elizabeth II died peacefully at Balmoral Castle on Thursday 9th September which few of us expected or considered possible.
As the UK enters a period of official mourning, many businesses are having to make decisions based on how her majesty’s death will affect them over the coming days and weeks.
National Bank Holiday
Businesses across Britain have announced that they will be closing on Monday, September 19th as a mark of respect for Queen Elizabeth II’s funeral which has now been declared an official bank holiday. Retailers are not required to shut their doors during this time but many choose to do so regularly because it is one day when shoppers can take advantage of deals and discounts offered by retailers in honor of Her Majesty The Queen. The UK government guidance states: “Some businesses may wish to consider closing or postponing events, especially those days; however ,this discretion belongs entirely with individual companies.” While most supermarkets confirm plans to close, others are planning to open with reduced hours.
Pubs
The day of the Queen’s funeral will be a time to remember and pay tribute. Pubs across Great Britain are preparing for this moment by opening their doors so that people can come together in honour of Her Majesty.
A spokesperson from Fullers Group said “Fullers pubs will be opening on the day of the funeral to provide a place for people to come together and pay their respects.”
Some chains even said where possible they would also screen the funeral in full so customers would not miss anything.
Retail
Many shops across the country will be closing their doors on the day of the Queen’s funeral as a mark of respect but some shopping centres and malls will remain open despite many of their tenant stores remaining closed.
Amazon and the Royal Mail have also decided to suspend their delivery services for the day too.
Interest Rates
The Bank of England were set to announce their decision over raising interest rates to tackle soaring inflation, however like many other financial institutions and unions they have postponed events as a mark of respect to the Queen. Pushed by surging energy and import prices, inflation hit 3.1% in the year to February – its highest level in more than five years. The central bank said its rate-setting monetary policy committee (MPC) would hold its next meeting due on Thursday a week later than scheduled, as the UK observes a period of national mourning.
Andrew Bailey, the bank’s governor, has said that any future increases in rates would be gradual and limited – with the goal of keeping inflation close to its 2% target. But with inflation now well above that level, there is growing pressure on the bank to take action. And with wage growth continuing to lag behind inflation, consumers are likely to see their living standards squeezed even further in the months ahead. As a result, the bank faces a delicate task in trying to keep a lid on inflation while avoiding any further damage to households’ spending power.
A statement from The Bank of England said: “In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the monetary policy committee has been postponed for a period of one week. The committee’s decision will be announced at 12 noon on 22 September.”
Many observers expect the Bank to raise interest rates by at least 0.5 percentage points from the current level of 1.75% which is a direct response to inflation hitting its highest levels since the early 1980s.
Royal Warrants
Founded in 1348, the Royal Warrant of Appointment is one of the oldest accreditations in the world. Today, it is a mark of quality and excellence that is highly prized by companies and individuals alike. To be granted a Royal Warrant, a company must have supplied goods or services to the Household for at least five years. This can be extended to seven years in exceptional circumstances. Once granted, a Royal Warrant is valid for 10 years, after which time it must be re-approved by the relevant royal household.
Over 800 food and drink brands and retailers currently hold a Royal Warrant, and they will now all have to go through the reapplication process to ensure that they can continue to use the Royal Arms in connection with their business. The process is sure to be competitive, but those companies that are successful in retaining their warrant will no doubt reap the rewards in terms of increased brand awareness and customer loyalty.
Upon the death of Queen Elizabeth II, all current Royal Warrants will become void. However, the companies or individuals who hold them may continue to use the Royal Arms in connection with their businesses for up to two years, provided there is no significant change within the company.
Some of the businesses that hold a Royal Warrant include Cadburys, Coca-Cola, Heinz, Selfridges and Waitroses.
The Royal Household will review Warrant grants upon a change of the reigning Sovereign. To qualify, businesses must prove that they have supplied products or services on a regular and on-going basis to the Royal Households of grantor/s for not less than five years out of the past seven. Companies or individuals who qualify for a Royal Warrant must reapply once every five years in order to maintain their Warrant status.
The sad news about Her Majesty the Queen will remind everyone about how unforeseen and sudden events can change your future in an instant.
For business owners this is particularly worrying so they need to make sure that their businesses are always in robust shape to withstand any sudden negative changes or events.
The first step to doing this is by consulting an expert – a BusinessRescueExpert – on how to make your business more efficient, self-sufficient and solid.