Scrap Bank Holidays to boost UK economy

11:47 09 April 2012

Enjoy the remainder of this Bank Holiday weekend because they could be under threat – if a think tank is right about the impact of the break upon business.

Bank Holiday Monday holiday is costing the UK £2bn in lost trade today, according to the Centre for Economics and Business Research.

Scrapping Britain’s nine public holidays could be worth £18bn to the economy, it stated.

“We have done some maths on this and about 45% of the economy suffers, the offices, the factories, the building sites where people tend not to go to work on Bank Holiday,” said Douglas McWilliams.

“About 15% of the economy, shops, pubs, clubs, restaurants, cafes and visitor attractions, they actually do well out of the Bank Holiday, it’s a mixed thing.”

The royal wedding of the Duke and Duchess of Cambridge at this time last year dealt a body blow to the economy from which it never recovered.

“And in the end we had five bank holidays in six weeks and business seemed to lose momentum there and never seemed to get it back over the year,” Mr McWilliams told the BBC.

He said the group does not want to scrap public holidays, but advocated spreading them out more evenly across the year.

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

Saturday, February 28, 2015
Alan Cartwright

The teenager stabbed to death while riding his bike in Islington last night has been named as 15-year-old Alan Cartwright.

Saturday, February 28, 2015
A 15-year-old boy was stabbed to death on Caledonian Road Pic: Google

Teen managed to carry on riding before collapsing - murder investigation launched

Friday, February 27, 2015
CCTV footage shows when the driver loses control of the black Honda car in Hampton Road

This jaw-dropping footage shows the moment a speeding driver smashes his Honda into five parked cars in a quiet residential street before fleeing.

Friday, February 27, 2015
A teenager was stabbed near the Emirates minutes before Arsenal's Champions League game

Knife attack - just prior to Champions League game - fifth in borough this month

Friday, February 27, 2015
The job spec says the succesful applicant will have to 'remain calm under pressure' (Photo by Clive Mason/Getty Images.)

Looking for a new job? Like driving, fan of the Royal Family? Then the perfect role for you might have just come up as the Queen is looking for a new chauffeur.

Latest Stories from SNAP.PA

Russell Tovey has admitted he didn’t realise he was being offered the lead in Banished at first.

Read more

The Sherlock actress says she won’t hear a word said against her famous co-stars.

Read more

The actress is excited that Matt Damon and Paul Greengrass are making another Bourne movie, and hopes to get in on the act.

Read more

Promoted content

A look at one of our previous Design Fairs

Chelsea Old Town Hall will be the venue for the renowned Desire Fair from 6-8 March 2015. This stunning mixed media jewellery and silversmithing event where visitors can purchase direct from contemporary designer makers selected from the best in the UK is an event not to be missed.

Take our quiz and find out!

A survey conducted last year revealed that Britain is the fourth sexiest country in the world, with the UK sex toy industry worth an estimated £250 million a year.

What is this?

Near You Now

Don't Miss...

The political editor will be taking time off for treatment.

It involves a picture of a hand. You can guess what shape it is making.

Quirky London