King Charles III of England is preparing to cut back on the horse racing business and set about auctioning 14 horses of the late Queen Elizabeth, one of which was the one that won the title during Queen Elizabeth's lifetime.
On October 25, 2022, British Conservative Party leader Rishi Sunak was officially appointed by King Charles III at Buckingham Palace to become the new Prime Minister of the United Kingdom, the third Prime Minister in three months.
Why did former Prime Minister Elizabeth Truss resign as British Prime Minister after 44 days in office? Most believe that the main pressure comes from the economy. Truss enacted a series of tax cuts and subsidies in an attempt to ease the British recession. However, the UK is experiencing severe inflationary difficulties, and stimulus at this time is adding fuel to the fire, exacerbating concerns about the UK government bond market. British gilts plummeted, and the pound also depreciated by 3.2% against the dollar.
When Sunak took office, the first thing he did was to postpone the fiscal plan promulgated by Truss. It is reported that the newly appointed British Prime Minister Rishi Sunak studied philosophy, political science and economics at Oxford University, and later obtained an MBA degree from the Stanford Graduate School of Business. After graduating, he worked as an analyst at Goldman Sachs Investment Bank, and his father-in-law was an Indian IT industry giant. Sunak's net worth is £730 million, more than double the public wealth of the current King Charles III.
King Charles III of England and new Prime Minister Rishi Sunak
When it comes to King Charles III of the United Kingdom, the most recent horse circle news is that King Charles III of the United Kingdom is preparing to cut the horse racing business and start auctioning 14 horses of the late Queen Elizabeth, one of which was the one that won the championship during Queen Elizabeth's lifetime. In addition, the breeding business at the Royal Sandringham Stud Farm run by the royal family will gradually decrease until it is no longer operating. Subsequently, the Royal Racecourse may become a museum within three years.
The incident caused heated discussions among netizens, and claimed that it would break the queen's heart, and hoped that royal princess Zara Tyndall could come forward to manage the horses, and the incident fermented, and some relevant participants said, "This is nothing special, the royal family sells horses every year." King Charles also said: "Every year the stud farm breeds horses, we can't keep them all, and selling horses does not mean the end of the royal family's connection with horse racing." ”
We don't know if there are economic problems with Charles selling horses and suspending the stud farm business, but as far as the current British horse industry market is concerned, it has been hit by the new crown epidemic in the past two years.
According to Statista data from the United Kingdom, the number of equestrian sports employees in England from 2016 to 2021 is showing a downward trend year by year, from 331,500 in 2017 to a low of 259,600 in 2021.
In 2019-2020, the number of speed horse races held in the UK also dropped from 10,085 to 7,847.
But on the whole, the horse industry is still in a stable state of development.
According to Everything Horse, in 2021, the total output value of the global equine industry was about $300 billion. The United States leads with a market share of $102 billion, Canada contributes $16 billion in equestrian production, the United Kingdom with $6.2 billion, Australia with $5 billion, Ireland with $1.3 billion and China with a market share of $1.58 billion. Overall, Europe's total horse industry market share accounts for $133 billion.
The equestrian industry employs about 460,000 in the United States, 26,000 in Australia, 85,000 in the United Kingdom and Ireland, and 123,000 in China.
The UK has a variety of horse industry activities such as sports horse breeding, training, various equestrian events (professional or amateur), as well as various supporting products and service industries related to the horse industry. The equine industry is vital in the UK and has generated more than £4 billion in economic value annually over the past decade.
According to the British Equestrian Trade Association in August 2022, 14 data on the British horse industry shows:
- Around 374,000 households in the UK own horses.
- There were around 847,000 horses in the UK in 2019.
- In the UK, 0.3% of the population owns a horse or Pony.
- Around 27 million people in the UK are interested in the equestrian industry.
- The average age of horses in the UK is 13 years.
- The UK has a strong riding culture, with around 5 million family members having worked as riders.
- About 74% of UK riders are women.
- 22% of riders left equestrian sports due to lack of horses and facilities.
- Equestrian riders (professional and amateur) in the UK ride an average of 3.5 times a week, with an average minimum of 52 minutes.
- In 2015, the economic output of the British horse industry reached 4.7 billion, including the hidden consumption of various goods and services.
- For five consecutive years, the UK has raced and trained between 22,000 and 23,500 horses per year.
- Of the 91,360 horses that participated in speed races in 2017, 167 died from injuries in the race.
- Since 2010, there have been 4,229 horse-related accidents in the UK, with 43 deaths, 315 horse deaths and 945 injuries, with 73% of accidents caused by vehicles getting too close to horses and speeding.
- England has about 189,000 km of public transport, of which 22% is available to horseback riders. Wales has about 33,000 kilometres of public transport, 21% of which is available to horseback riders.
But in any case, if the UK economy continues to decline, it will certainly have an impact on various industries, including the horse industry.
At present, although the pound has rebounded slightly, the problems facing Sunak are not easy to solve. Private sector output has fallen for three consecutive months, with new orders falling at the fastest pace since January 2021. Business confidence has also fallen to its lowest level since the early days of the pandemic in April 2020. According to economists at S&P, UK's GDP in the fourth quarter is bound to fall again, which means that the UK has fallen into a deep recession.
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