NYU School of Professional Studies Dean Angie Kamath joins Yahoo Finance Live to discuss the UK economy and business closures in the aftermath of Queen Elizabeth's death, expectations for King Charles III, and the next era for the UK.
- Queen Elizabeth's death at the age of 96 ends not just the longest reign in British history but it does begin a period of mourning and likely great change in the UK.
In the immediate term, sporting events have been called off. Some businesses have said they won't be opening their doors today.
King Charles III as he's now known, the queen's eldest son, will address the nation at 1:00 PM Eastern Time today. Let's bring in NYU School of Professional Studies Dean Angie Kamath joining us today.
It's great to have you on today. Let me just first get your reflections of how we've seen just this outpouring of support for the people of the UK. But really, the last 24 hours, we've seen the impact this queen has had around the world.
ANGIE KAMATH: Thank you so much, Akiko. It's a pleasure to be here with you. It's been incredible to really see this outpouring of support for reminiscing about what this great leader has done for the world, really.
I mean, the call to duty, of service, of respect, of dignity has just been incredible. And really, being reminded at such a young age, even before she came to the throne, the role that she played with children in terms of really helping folks during World War II to really understand the responsibility.
The calm demeanor that she brought to the world is really quite incredible, and again, will be sorely missed. And it's really a moment of deep pride and certainly deep mourning for the queen and her family.
And it's an important moment where I feel like everyone is going to remember where they were and what they were doing when we heard the news.
- In many ways, when you think about the Royal Family, the queen, this has largely been a ceremonial role. But yet, so many people are talking about her commitment to service at a time when there's a lot of change that's happening over in the UK.
Primarily, at the very top, you've got a new prime minister, that's come out just a few days into the job, really having to unite the country in some way. How do you think this is going to affect that, at a time when the people in the UK are having to deal with leadership change, high costs, energy concerns, certainly a lot of challenges.
ANGIE KAMATH: Absolutely. I mean, this has been a remarkable week. Two days ago, I mean, looking at the UK, in terms of recessionary pressures, in terms of inflation, in terms of cost of living, in terms of clearly a new prime minister, there is a lot going on.
I'm an optimist, Akiko. And so as I think about the impact of this, certainly, there is an economic impact to closures. But as I think about the corporate brand of the monarchy, the way that folks really, around the world, love this brand, love the court, love the monarchy, I think that the offset is really clear in my mind.
I think that, certainly, there will be business closures and events that are not happening. But I think an inflow of tourists, an inflow of interest, an inflow of consumerism around anything and everything related to the queen.
And I think it's really quite interesting to look and think about the moment that King Charles has right now to obviously very respectfully work through the period of mourning, but then think about how he can bring a voice to the activism that he has been doing more behind the scenes in terms of sustainability, in terms of climate.
I think there's a very big moment right now in terms of the commonwealth. They can exert their voice as a block of 54 nations to really think about what would it mean to be net zero.
And so, yes, there is going to be just a very pragmatic economic impact to closures. But I think the corporate brand of the monarchy is something to really watch.
I think as we think about public sentiment, certainly, everything that existed two days ago in terms of the economy still exists. But I think this is a moment that can be a rallying point for the UK.
And I really truly hope that we're able to help consumers understand the importance of this moment in terms of what it could mean.
- Yeah. Let me pick up on that point that you made about King Charles because what we've heard over the last 24 hours, so many people say they really respected the queen. In many ways she didn't try to take sides even though there was a lot of division.
King Charles, as Prince Charles, has been a lot more vocal on certain issues. You've pointed to climate as one that he's really taken an active role in.
How do you think that's going to be received? And do you think he's going to continue to carry on with that kind of activism?
ANGIE KAMATH: It's a great question, Akiko. And so I think different times for different leaders. I think that there's a cultural inflection point that's happening across the world in so many different ways.
And I think that he cannot be like his mother. I think there is no expectation that he will maintain. And really importantly, he's a different person.
And so I think that calmness, that dignity, that demeanor that she had, that was her signature. And I think that in this moment, in 2022, I think there's an expectation that we use our voice, we use our positions of power to do good.
And I think that is a point that's not going to be lost on Charles. I think it's certainly a point that's not lost on his sons and their spouses. And I really hope and wish that they're able to use this moment in a really positive way.
I mean, certainly as we think about the cost of living, the impending energy crisis, as we think about what is on the hearts and minds of regular everyday people, as they think through and work through their life and brace for, I think, what's going to be a difficult winter, I think, from a household and economy perspective, I don't think this is the moment to go with quiet dignity.
I think this is a moment to be appropriately vocal on issues that matter to real people. And I think and hope that they really are able to take up that mantle over the next few months to really meet the moment and meet the needs of the people. And I think that would be one of the best ways to honor the Queen and one of the best ways to really honor her grace and her gracefulness in terms of her time.
- Yeah, no question. The world will continue to watch this transition. NYU School of Professional Studies Dean Angie Kamath. It's good to have you on today.