What Removing the Queen of England Would Mean for Jamaicans Financially
Recently, the nation of Jamaica has begun the process of removing the Queen of England as the head of state. This would officially make Jamaica a republic. However, the implications of removing the Queen are more than ceremonial. There are a number of financial implications from this move. Here’s a look at what removing the Queen of England would mean for Jamaica's financial situation.
1). The Country Will Have to Remove References to the Queen and the Governor-General
Since the Queen of England will no longer be head of state, Jamaica will have to absorb the costs of changing and removing all references to the crown as well as the Governor-General. This will include removing certain flags and removing the Queen’s name from certain government buildings. Additionally, the country will have to pay to update its constitution to reflect Jamaica's new status as a full Republic.
2). Jamaica Can Make More Overt Demands for Slavery Reparations
One of the biggest reasons that the Queen of England is being removed as the head of state is that many Jamaicans are demanding slave reparations from England. With the Queen of England no longer the head of state, the nation will be able to act more overtly about their demands. While the chances of actual reparations are remote, citizens will be able to voice their concerns more freely.
3). The Country Will Not Have to Finance Royal Family
With the Queen as the Head of States, Jamaica has had to help finance the lifestyle of the royal family. That includes paying the cost of security each time a member of the royal family visits the island. Considering the fact that Jamaica has a poverty rate of 19.3%, this was a sore sticking point with the people on the island. By removing the Queen of England as the head of state, the money previously used on the royal family can be utilized for domestic spending.
4). Jamaica Will Be Responsible for Their Own Spending
Removing the Queen as the head of state is also a double-edged sword for the nation. That is because Jamaica will become a full-fledged republic after the move. That means that the country will no longer receive any support from the UK. That means that the responsibility of defending the nation will come down squarely to the citizens of the nation. Another cost that the country will bear includes the cost of dealing with emergency situations during hurricane season.
5). Jamaica’s Economic Policies will Be Completely Independent of the UK Financial System
While Jamaica has its own central bank, its policies will not be completely independent of the actions of the UK central bank. That means that the ultimate control of interest rates and other economic factors will be solely in the hands of the Jamaican central bank.
Beginning a New Era in Jamaica’s History
As Jamaica becomes a full republic, the island nation will face a number of challenges. While the transition may not be easy, it could be the first step in helping Jamaica become more in control of its future.
REFERENCE:
https://www.insider.com/jamaica-preparing-to-remove-queen-head-of-state-reports-say-2022-3
