The United Kingdom crowns Charles III as its king in the midst of a severe economic crisis: these facts prove it
Today, May 6, millions of people around the world will tune in to watch the coronation of Prince Charles III, son of Elizabeth II, as King of the United Kingdom.
The ceremony, which is over a millennium old and laden with ritual and luxury, will be held at Westminster Abbey, located in London, the capital of England and the United Kingdom.
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The coronation, which will last an hour and a half, excites some and upsets others, either because they do not share the monarchy’s existence in the 21st century or because they disapprove of spending millions of pounds of public resources over the event.
Regarding the coronation of Charles III, we tell you five facts about the United Kingdom that you probably don’t know. The data not only reveal the magnitude of the British economic crisis but also show the extent to which this is a land of contrasts.
The United Kingdom of Great Britain and Northern Ireland is formed by four countries
Three of these countries – England, Wales, and Scotland – are located on the island of Great Britain, while the last one – Northern Ireland – is located on the island of Ireland. Both islands, in turn, are part of the British Isles archipelago.
The United Kingdom has a little more than 67 million inhabitants and a surface area of 243,610 square kilometers.
The official currency of the United Kingdom is the pound sterling (GBP, £)
The pound sterling is divided into 100 pence.
Currently, 1 pound sterling is equivalent to $5,721.74 COP, which places it in a stronger position than the US dollar and the euro.
The UK economy is going through a serious crisis
The economic crisis is so severe that the BBC, the UK’s public radio, television, and internet service, noted in a March 8 article this year that the “UK could be the only major economy to go into recession”.
To the above, he added that “according to the ‘World Economic Outlook Update’ document, published by the IMF on January 31, the British economy will contract by 0.6% in 2023. It will be the only one among the large economies”.
Inflation has hit this territory hard
In March 2023, the Consumer Price Index (CPI), the indicator by which inflation is measured, registered a variation of 10.1%.
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The United Kingdom’s debt is concerning
According to Macro Data, the UK’s public debt was €2,987.42 billion in 2022, representing 102.64% of Gross Domestic Product (GDP).
Its per capita debt is 44,535 euros per inhabitant, which means that its inhabitants are among the most indebted in the world.
And the bonus
Despite the current crisis, and according to the World Bank, the United Kingdom had a Gross Domestic Product (GDP) per capita of USD $46,510.3 in 2021. This is considered a very good indicator of a country’s standard of living.
To get an idea of how much this is, suffice it to say that Colombia’s GDP per capita was USD $6,104.1 the same year, according to the same source.
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