What does the Queen’s passing mean for SMEs?

Monday 19th September 2022 was a historic moment for the UK. The nation’s longest reigning monarch has been laid to rest and there’s been a wash of tributes and condolences. After an event of such significance, there’ll be changes, both short and long term, for all of us.

It marks the end of an era — but also, the start of something new. King Charles III has now ascended the throne to take up the mantle left by his mother. Now, as we look towards the future, we wanted to look at some of the changes ahead, as well as what this means for small businesses.

Parliament has been on hold

To respect the country’s 10 day mourning period, Parliament has been temporarily suspended until 21st September. This week, once it resumes, we’re expecting more details, and maybe even a mini-budget, on the new support the Government is supplying to help businesses tackle rising energy bills. We’re also expecting more news from the Bank of England on interest rates on Thursday 22nd September.

When details on the support become available, we’ll be featuring it on our resource centre, so be sure to check back for further updates.

Coins, banknotes and stamps will need to be reissued

As our currency and stamps always feature the reigning monarch, these will need to be transitioned to feature the new King.

Don’t worry though — your money and stamps will still be valid for some time yet to come. The process is likely to take at least 2 years as older currency is removed from circulation and new currency featuring King Charles III is printed. Currency featuring the Queen’s face will still be considered legal tender and businesses can continue to use and accept it. The Bank of England will likely make an announcement if and when it’s ready to phase them out entirely. The same is true of stamps as well.

Products carrying the royal arms will also face changes

For products that carry the royal arms, the process is a little trickier than with stamps and currency. Royal warrants were only issued by the Queen, or by King Charles in his previous role as Prince of Wales. While those awarded by King Charles are still valid, the ones awarded by the Queen will need to be reissued as they can’t be carried over from one monarch to another. There’s nothing to suggest that those issued by the Queen won’t be reissued by the new monarch, but worth bearing in mind if this might affect you.

If a new royal warrant is not issued, products that currently carry the royal arms will be able to continue using them for up to 2 years after the Queen’s passing. It’s also worth noting that Prince William, in his capacity as the new Prince of Wales, will also be able to issue new royal warrants like his father before him.

Your staff might need additional support

As a key pillar in Britain, the monarchy’s impact on society and culture is undeniable. We’ve seen a mixture of emotions following the Queen’s passing, especially as she was a constant fixture in our country for 70 years. She touched a lot of people’s lives and everyone will process this change in their own way.

Be mindful that your employees may have some strong feelings about her passing and be sure to offer them additional support if they need it. You could direct them to any staff mental health resources you have, and keep them informed of what help your business offers.

Think carefully about your marketing to avoid mishaps

Over the last two weeks, we’ve seen an outpouring of brands expressing their deepest condolences with social media posts, website tributes and more. However, knowing whether it’s appropriate for your brand is important before jumping on the bandwagon. We’ve seen some brands be chastised on social media for their marketing in the aftermath of the Queen’s passing, so as things return to normal, take some time to review what you’ve got planned on your marketing channels to make sure you’re mirroring the mood of the country.

Prepare for Coronation Day

Looking further into the future, the passing of the Queen also means the crowning of a new monarch — in this case, the Coronation of King Charles III. As the country hasn’t seen the coronation of a new monarch in 70 years, it’s sure to be a momentous day in present-day British history.

Depending on the area your business operates in, you may find there’s greater demand on your products and services in both the lead up and on the day. The coronation is likely to be like an extra, one-off national holiday, so have plans in place for additional staff and stock. This will help you prevent potential customer disappointment and can help you take advantage of increased traffic to drive your sales.

20/09/22: While we want to help as much as we can, the information found here is provided solely for informational purposes and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, the information contained here. If you have any questions, please speak to your professional adviser or seek independent legal advice.