Crypto News: Reasons to love London

Hi, I'm Sarah Rappaport from Bloomberg TV in London and a contributor to Bloomberg Pursuits where I write about arts and culture.

I'm not a native Londoner, I came here 10 years ago from Chicago and New York. I only meant to stay a year or two, but the Big Smoke dragged me into its orbit and didn't let go.

The UK is now the hottest destination among European travelers seeking an escape, after years of restricted movement. Photographer: Hollie Adams/Bloomberg

Even though the initial living abroad euphoria has long faded—unlike New York, London does sleep, and good luck shopping for something on a Sunday morning!—I still think it's the best city in the world when the weather behaves. In 20 minutes, I can be lost in the greenery of Hampstead Heath or watching world class theatre that's significantly cheaper than Broadway.

But this weekend, there's no escaping the Platinum Jubilee—that is 70 years since Queen Elizabeth II ascended to the throne.

Weird and wonderful Queen's Jubilee celebrations, explained. Photographer: Aaron Chown/PA Wire

What it means for most people here is four days off work. And merch. Every brand I've had the misfortune to give my email to has sent Jubilee offers, and even Ikea had Jubilee-themed décor at its Wembley Store. God Save Flat-Pack Furniture!

For visitors, London's tourism engine has revved up into high gear. There are street parties and parades, corgi-themed high teas, and Royal Suites that cost more than the average UK salary. It's positively festive. Even North Korea's Kim Jong Un congratulated Her Maj.

There's a Queen Elizabeth II Barbie doll to commemorate the Platinum Jubilee because of course there is. Photographer: Mattel/PA Media

The Royal Family's draw on tourism is complicated—scroll down for a Q&A where I delve into more specifics—and like many people my feelings on the monarchy are mixed. While it's easy to dismiss royals like Prince Andrew and his multimillion-pound settlement of a sex abuse case, you can't help but admire his 96-year-old mother and her many years of service. (She's even had to miss some celebrations due to "some discomfort.")

Indeed, the Queen as a constant is illustrative to looking at British society as a whole. Consider her Silver Jubilee in 1977 when the Sex Pistols were bringing punk to the masses and getting banned from the airwaves.

Queen Elizabeth II and Prince Philip ride in the Gold State Coach during the Silver Jubilee procession in 1977. Photographer: Ken Goff/The Chronicle Collection/Getty Images

There are a few similarities to the mood then. Inflation is at 40-year highs, at 9% vs 16% in 1977. Average energy bills have skyrocketed. The cost of food including everyday staples has surged.

Bank of England of Governor Andrew Bailey has said that the rise in prices could have "apocalyptic" consequences. And consumer confidence has dropped to the lowest levels since records began in 1974, back when the Queen was in her 40s and Queen the band charted with their second album Queen II.

People are increasingly pessimistic about the UK's economy, and no amount of pageantry or Prosecco (that's several pounds more expensive than it was a few years ago) can paper over those cracks.

Britain's economy has transformed during the Queen's 70-year reign. Photographer: Hollie Adams/Bloomberg

Still, am I excited?

Bloomberg TV is on the air so I'm working which isn't massively festive, but I celebrated a bit at a late afternoon street party on Friday. There was Victoria sponge cake and Pimms in the sunshine. So that's something.

All this hoopla really pulls into focus why I love London in the summer. There's no place I'd rather be—save for a European beach holiday if I can escape the travel chaos.

The Sex Pistols have re-released their iconic single "God Save the Queen" on vinyl for the Platinum Jubilee because of course they have. Photographer: Keystone Features/Hulton Archive

Connect with Sarah on Twitter, Instagram, or via e-mail.

From exhibitions to new theatre, here's what I'm most excited about.

Sundance London

The seminal film festival crosses the pond (June 9–12) in conjunction with Picturehouse Cinemas. Emma Thompson's Good Luck To You, Leo Grande is my must-see film of the fest.

Patriots at The Almeida

The Crown scribe Peter Morgan has pivoted from writing about royals to writing about Russian Oligarchs. Tom Hollander plays billionaire businessman Boris Berezovsky, from Putin's inner circle to public enemy number one (July 2–Aug. 20).

"Vision & Virtuosity" by Tiffany and Co.

The jeweler is marking its 150th anniversary in London with an exhibition (June 10–Aug. 19) at the Saatchi Gallery that includes a space devoted to the iconic film Breakfast at Tiffany's.

"Postwar Modern: New Art in Britain 1945-1965"

It's at the Barbican through June 26. And it's brilliant.

The Newt in Somerset

One of England's most luxurious country hotels has been working on a reconstruction of a Roman villa found on the estate that dates back to 351AD. Get some history with your holiday.

That Pursuits food editor Kate Krader is relocating across the pond should be sign enough on the preeminence of London's food scene. But in case you need more convincing, here's some of our recent food coverage—hope you're hungry!

Looking for the Best Little Wine Bar in London? It's Hector's

The Hottest Ticket in London Is Asma Khan's Biryani Supper Club

The Best New Restaurants in London, Chosen by Top Chefs

The Best New Restaurants for a Power Lunch in the City Financial District

The Best Breakfast in London, According to Top Chefs

How Eating Through London Made It Feel Less Foreign—and More Like Home

This is Not a Pity Memoir by Abi Morgan. One of Britain's finest screenwriters, Morgan writes a very moving story about tragedy without ever becoming sentimental. A gripping read.
I first heard about Obioma Ugoala when he played George Washington in the first UK cast of Hamilton and followed him on Twitter—he has such smart, important things to say and a voice that needs to be heard. His memoir, The Problem with My Normal Penis, is a powerful, deeply personal take on what it means to be a Black man in modern Britain.
Also a fantastic actor, Paapa Essiedu was a killer Hamlet in the Royal Shakespeare Company and fantastic in I May Destroy You on HBO. This GQ profile by Chris Mandle is such a warm and interesting read about his life and career.

Here's some answers! Keep 'em coming for next week via our Bloomberg Pursuits Instagram and e-mail.

Where should I eat before seeing a show on the West end?

Get an early reservation at Palomar, which serves incredible Israeli food. Sit at the bar and chat with the bartenders while you wait for your meal—I highly recommend the kubaneh bread and the zucchini tahini. Wash it down with a date negroni.

What's the best play currently showing in London?

Jez Butterworth's "Jerusalem" is back on the West End. I didn't get to see this in its original run, but it's one of the best things I've ever seen at the theatre either in London or on Broadway. Mark Rylance is spectacular.

Rylance also brings his quirky brilliance to golfing tale "The Phantom of the Open." Nick Wall/Sony Pictures Classics via AP

Best nature escape from the city?

Hampstead Heath, bar none. The top of Parliament Hill has some of the most incredible views of the city—it's a vista that has inspired writers like C.S. Lewis and John Keats.

Go in via the footbridge by Parliament Hill (closest Overground stop is Gospel Oak or Hampstead Heath) and stop by the Saturday farmer's market to get a snack and a coffee. Then get lost in the park's 800 acres and forget that you're only 4 miles from central London. Afterward, slake your thirst with a drink in the lovely beer garden of The Stag pub in nearby Belsize Park.

This painting of Hampstead Heath by John Constable inspired conservationists to reintroduce cows to the tony suburb. Photographer: Historical Picture Archive/Corbis Historical

People justify the subsidization of the monarchy by pointing to the tourist revenue, but how is that actually calculated? Versailles brings in tourists by the millions, but there's no queen in residence.

You're right, of course. France is the most visited country in the world, and there hasn't been a monarchy for a very long time.

I've heard that tourism point a lot over my years in London. A consultancy called Brand Finance estimated the monarchy brought in around £550 million ($687 million) of tourism revenue a year—which may seem like a lot, but that's only about 0.2% of the £237 billion impact tourism had on UK economic in 2019. The most visited tourist attraction in London is the British Museum; Buckingham Palace doesn't even crack the top 10.

Do I think tourism would dry up if the Windsors were kicked out of the palaces? No. But it's complicated.

Royal affiliation still pays globally, as the Duke and Duchess of Sussex partnered with World Central Kitchen on hunger relief. Photographer: Chris Jackson/Getty Images

An estimated 300 million people worldwide watched William and Kate's wedding, and you just have to pop into a grocery store anywhere in America, and you'll see future Queen Kate Middleton or California royalty Meghan Markle on a tabloid cover most weeks. There's clearly a lot of interest around the Royals as a novelty to people outside the country, and when people talk about the UK, the Royal Family is inextricably bound into it.

When reporting on hotel offerings for the Jubilee, a lot of the businesses I spoke to expected their rooms to be filled with Americans here to celebrate. Superfans have been camping outside the palace for days waiting to see a glimpse of Her Majesty.

Superfans endure London's famous rains to ensure a good view of the Jubilee. Photographer: Aaron Chown/PA Wire

A poll by Ipsos published on May 27 found the nation is split over whether the royal family is a luxury the UK can't afford. Latest accounts show the monarchy cost the taxpayer £87.5 million during 2020-21, an increase of £18.1 million on the previous financial year.

But the fact remains, before the pandemic, London was the third most visited city on the planet, with international visitors spending £15.7 billion in 2019. In 2021, that number fell to only £3.3 billion. A tourism revival is vitally important to the city's economy.

Whether or not the royals are actually worth it is a question that is above my American paygrade.

Happy Jubilee!

One thing I think we can all agree on though, even if the Royals go, the corgis can stay. Source: The Great Scotland Yard Hotel

Pursuits deputy Justin Ocean will be back next week to talk about outdoor entertaining, summer, and Pride month. Connect ahead of time on Twitter, Instagram, or via e-mail. And click those icons below to give all of Pursuits a follow.