New research of 2,183 UK adults has revealed that just under half (49%) of the British public is having to limit their Jubilee plans because of the increased cost of living.

The research from leading household and business utilities retailer Power Compare has shed yet more light on the extensive reach of the cost-of living crisis.

Power Compare posed this question to the UK public: "Has the increased cost of living this year limited your plans for the jubilee/spring bank holiday weekend?"

In response a whopping 49% of people answered ‘yes’, meaning that just under half of the population are limiting celebrating the first Platinum Jubilee to be celebrated by a ruling British monarch directly because of increased cost of living.

Of those who answered yes, it seems that Gen X and Gen Z are the most likely to need to limit plans owing to the increased cost of living, with 53% of each age group planning on limiting their bank holiday plans.

Power Compare said: “Owing to the “high degree of uncertainty, the UK Government have not made an attempt to estimate how tourism expenditure may be impacted in relation to previous Jubilee bank holidays” in their Platinum Jubilee impact assessment.

“However, given this looks likely to be the last Royal event for the Queen, and her global popularity unparalleled by any other British Royal, the impact to the economy from additional tourism is likely to be an extended one.”

The Platinum Jubilee marks the 70th year that Her Majesty Queen Elizabeth II has been the ruling Monarch of the UK. A historic event, this Jubilee represents the first Platinum Jubilee of any Queen or King of England, and celebrations are due to take place throughout the UK across the four-day bank holiday weekend.

Previous Royal events have been watched and celebrated by billions of people and have generated billions of pounds to the UK economy.

The Royal Wedding of Prince Harry and Meghan Markle in 2018, was watched by an estimated 1.9 billion people and celebrated by 8,000 UK street parties. The event was estimated to have brought in just under £1 billion to UK tourism.

These figures pale in comparison to that of Prince William and Kate Middleton’s 2011 wedding, which generated just under £2 billion for the UK economy and saw an estimated 5,5000 street parties with £107 million in direct extra spending for the celebrations.

Leaving aside the stark differences in UK attendance between these two weddings, the number of Brits projected to participate in 2022 Platinum Jubilee events this bank holiday is expected to soar to a massive 12 million people.