The East Midlands economy is in line for a boost next week thanks the Diamond Jubilee celebrations.

The Nottinghamshire and Derbyshire Chamber of Commerce estimates people in the two counties will spend £51.5m.

Of that, £10.8m will be spent on food and snacks, £8.8m on drinks, £4.1m on souvenirs and £3.6m on decorations, with those celebrating the event expecting to spend an average of £40-per-person, according to the figures.

However the Chamber warns the good news will be offset by lost productivity for local businesses, as we take an extended weekend off.

Last year's Royal Wedding helped to make April the best month for retail sales growth in 2011 and retailers will be hoping for a similar increase in retail spend this weekend. However, as with all prestigious international occasions such as this, there will be winners and losers and while it is clearly good news for the retail and hospitality sectors, there will be businesses out there that will lose out by having to absorb the cost of closing down and giving their staff an extra day off for the extended Bank Holiday.

Meanwhile small businesses in the region, which specialise in party merchandise and memorabilia say they have already seen a 40% increase on sales compared to the Golden Jubilee celebrations in 2002.