Whilst many of you will have enjoyed the extended Easter Weekend that’s just gone by, apparently economists do not feel the same.
The Centre for Economics and Business Research has said that bank holidays cause businesses to ‘lose momentum’ and that they damage the already tremulous UK economy.
The CEBR has said that each bank holiday costs the economy an estimated £2.3 billion. It has also suggested that were all bank holidays to be scrapped, Britain’s GDP would improve by around £19 billion.
The extra Bank Holidays this year due to the Queens Diamond Jubilee is another cause of concern, with another day all but wasted in terms of economic recovery.
However, it is important to note that only certain business sectors suffer on bank holidays, whereas others profit. Tourist attractions and businesses such as hotels and restaurants see greater use on bank holidays as people try to make the most of their days off.
Britain, in fact, has comparatively less Public Holidays than many of its European neighbours. This year in England there will be nine Bank Holidays, whereas for example in Spain there will be fourteen.
Head of the GMB Paul Kenny has branded the report ‘utter rubbish’, and whilst there may be economic benefits from cutting down on the number of bank holidays, one feels few would be celebrating were it to actually happen.