“Tosh!” Bank of England chief’s Jubilee slump fears slammed

11:53 24 May 2012

Jubilee parties to hit fragile economy

Jubilee parties to hit fragile economy

Archant

Two week days off work coupled with widespread travel disruption in London for the Diamond Jubilee celebrations will not hit the economy, it has been claimed – in contrary to fears expressed by the head of the Bank of England.

Four days of disruption and crowding on public transport is due to hit central London roads from Saturday, as the Queen’s 60th year on the throne is celebrated with a swathes of events.

Bank of England governor Sir Mervyn King has warned the Jubilee celebrations, with bank holidays on June 4 and 5, could hit economic output.

But travel chiefs hit back, insisting hopes are high of a Jubilee boom.

“The Jubilee is going to provide a much-needed boost for business and that has got to be good for the economy. I think the doom merchants are talking a lot of tosh,” said Laurence Hicks, director of holiday rentals company CLC Leisure.

“Spending on holiday accommodation, pubs, restaurants, attractions and all modes of travel will greatly increase during the first week in June,

“Even those who stay at home are likely to be spending more on food and drink be it for a street party or garden barbecue. Other businesses like garden and DIY centres will also benefit,” he said.

The banking sector is only one part of the economy, insisted Mr Hicks.

“Bankers may be taking a rest but many people in the leisure and retail will be working flat out,” he said.

Accountancy giant Price Waterhouse Cooper refuted that economic powerhouses like London risk a mini-slump caused by the Jubilee.

“It should be a good weekend for the capital with all eyes on London ahead of the Olympics,” a spokesman said.

“Restaurants, bars and cafes are likely to benefit the most from the large crowds of visitors flocking to the capital.”

Sign up for our news alerts today!

Our editors' picks for the day's top news delivered to your inbox or phone.

Sign up for email alerts Sign up for mobile alerts
1
2 3 4 5 6
7

Latest London news

Sunday, March 29, 2015
The incident took place on this street in Newham [Image from Google StreetView]

A man in his twenties has been arrested on suspicion of murder after a man died in East Ham on Saturday night.

Friday, March 27, 2015
The app has rapidly become both widespread and controversial [Photo by Sergi Alexander/Getty Images for SOBEWFF]

The fate of the popular car-booking app hangs in the balance as TfL asks the High Court to decide if it is operating illegally in the capital.

Friday, March 27, 2015
The news means at least nine girls travelled to, or wanted to travel to, Syria after attending the coeducational academy [Image from Google StreetView]

The High Court has banned five teenage girls from travelling abroad after they expressed an interest in going to Syria – just weeks after three of their schoolmates left to join the Islamic State.

Friday, March 27, 2015

We previously ran an appeal asking the public to report any sightings of Joshua Packman, a young man who was receiving treatment at a mental health unit in Enfield.

Friday, March 27, 2015
The roof of the double deck bus was torn off by the impact of the collision (Pic: Twitter/David Marsh)

Eleven children were injured when the roof of the double decker bus they were travelling in was ripped off after crashing into a bridge, ambulance services have confirmed.

What is this?

Near You Now

Don't Miss...