“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.”

Latest Stories

Yesterday, 18:35
Great Britain's Jenny Jones with her bronze medal won in the Sochi Winter Olympics (Mike Egerton/PA Wire)

Snowboarder Jenny Jones has issued a desperate plea for help after her laptop containing all of her photographs of her Olympic success was stolen from her car.

Read more
Yesterday, 12:32
The cyclist's helmet camera captured the sickening moment that a car slammed into him [Picture from Youtube]

A cyclist was hit by a car in Romford, slammed into the windscreen and miraculously landed on his feet - and caught the whole thing on his helmet cam.

Read more
Yesterday, 11:22
The trio lured their victim to a secluded part of Hampstead Heath (Photo by Dan Kitwood/Getty Images)

A woman lured her fiancé to a secluded part of Hampstead Heath before beating him to near death with the help of two other men so they could steal £200 from him.

Read more

Quirky London

Quizzes

How much do you really know about QPR legends like Les Ferdinand? Picture: Neal Simpson/EMPICS Sport

Test your knowledge of QPR’s greatest players with our fantastic legends quiz.

Read more
How much do you know about films in London? (Photo by Fox Photos/Getty Images)

Do you know your Lock Stock from your Long Good Friday, Sliding Doors from Shakespeare in Love?

Read more
How much about this great city do you really know? Take our true Londoner quiz and find out (Photo by Matt Cardy/Getty Images)

Do you know your apples from your pears? Take our Cockney quiz and see how much of a Londoner you really are.

Read more
Guess the manager quiz. Here's a hint, it's not these four.

The managerial merry-go-round spins quickly these days so do you think you’ve got the knowledge to recognise the faces of all these football bosses?

Read more
A normal day at London Liverpool Street station

This quiz is for people who think they know the Tube and rail inside out.

Read more