For four days, the British Isles will now be gripped by the platinum anniversary frenzy.

16,000 street parties are planned across the country, neighborhoods set up benches and tables and organize a party.

According to a survey, almost 40 million citizens intend to celebrate Queen Elizabeth II's 70th jubilee in one way or another.

It's a major patriotic event.

Philip Pickert

Business correspondent based in London.

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On Thursday, the "Trooping the Color" parade with more than 1,200 soldiers moves to Buckingham Palace in London.

A big thanksgiving service will follow on Friday in St. Paul's Cathedral.

It is not yet clear if the 96-year-old monarch will be heading to her beloved Epsom Darby horse race in Surrey on Saturday.

In the evening there is a concert at Buckingham Palace for more than 20,000 spectators with all kinds of pop greats.

Millions across the country have signed up for Sunday's Big Jubilee Lunches.

The climax will be a grand procession through London from Parliament to the Palace, again with a military parade and topless buses on which musicians will play.

Thousands of spectators will line the streets.

The big spectacle should also make the cash register ring in many shops.

Blue, white, and red flags, party hats, tablecloths, and other paraphernalia for patriotic celebrations are sold out in many places.

The Center for Retail Research estimates that the British will spend a good £280 million on souvenirs and gifts alone – including 6 million Queen Elizabeth mugs, 10 million flags and a million books and pictures.

In addition, there would be another 121 million pounds for the street parties and private parties.

Pubs, bars and restaurants are also preparing for a rush to celebrate the platinum anniversary.

Barclaycard Payment estimates that restaurateurs can expect an additional £76 million in sales on Thursday and Friday.

The additional holidays will mean more business for many small retailers in particular.

At least 60 percent expected this.

London expects 2.6 million additional tourists

The platinum anniversary will also boost tourism and give a boost to hotels, restaurants and souvenir shops.

Visitors to central London are likely to spend around £80m more than usual, estimates the New West End Company association, which represents six hundred companies around the West End entertainment district.

According to their estimate, 2.6 million additional foreign and domestic tourists will flock to the capital over the long weekend.

"West End shops will be celebrating this special moment in British history with many family-friendly events," says Dee Corsi, CEO of New West End Company.

The VisitEngland association expects 5.3 million domestic and international short breaks for the entire island.

That should bring a sales boost of 1.2 billion pounds.

After the four bank holidays, oppressive everyday worries will again weigh on the British economy and the population.

Record high inflation, rising costs and supply chain problems are the keywords.

Citizens are groaning under rapidly increasing energy and living costs, many have to save.

Consumer confidence and the purchasing managers' index have fallen sharply.

The two extra holidays mean production losses in many companies for June - according to an estimate by Bloomberg, this alone could reduce gross domestic product in the second quarter by 0.5 percent.

However, the loss will probably be made up for afterwards.

Nevertheless, the economic outlook looks bleak.

The Bank of England estimated that a recession could loom in the autumn if rising energy bills put an even greater strain on households.