Bank holidays 'cost economy £18bn'
Monday 09 April 2012
Scrapping public holidays could add £18 billion to the nation's annual economic output, according to a think-tank.
The Centre for Economics and Business Research said each bank holiday costs the United Kingdom economy in the region of £2 billion.
There are nine public holidays in England this year with slight variations in the rest of the UK.
There are five holidays between Easter and June taking in the extra holiday for the Queen's Diamond Jubilee.
Today, Douglas McWilliams, of the Centre for Economics and Business Research, told BBC Breakfast: "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.
"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."
He said it does not balance out across the sectors.
"The areas that have lost productivity are about three times bigger than the areas that benefit," he added.
Mr McWilliams said last year's royal wedding and late Easter set the nation's economy back.
"I think the worst time was probably last spring when we had a late Easter then we had the royal wedding," he said.
"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.
"So I think you can have too many too close together."
Mr McWilliams said he was not advocating scrapping the holidays but spreading them out.
"I think people would enjoy them a lot more," he said.
Fracking is turning the US into a bigger oil producer than Saudi Arabia
Missing Malaysia Airlines plane: Details emerge of two young Iranians using stolen passports in search for a better life
Three-quarters of Britons are saying it wrong - the top ten most common mispronunciations
Oscar Pistorius trial: Forensic analyst says athlete 'was not wearing prosthetic legs' when he smashed locked toilet door with a bat
Missing Malaysia Airlines flight MH370: ‘Alright, good night’ – last words from cockpit revealed amid growing confusion
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Exclusive: Impact of immigrants on British workers ‘negligible’
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
- 1 Boy George: Bad karma
- 2 Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 3 First Kiss video: Filmmaker gets 20 strangers to make out on YouTube with awkward results
- 4 Rampaging elephant smashes up house but then 'saves crying baby trapped under debris'
- 5 Ian Wright breaks down in ITV documentary charting his rise to Arsenal and England striker
£20,000 to £25,000: IT Connections Ltd: Graduate C / C++ Developer / Electroni...
£25,000 to £35,000: IT Connections Ltd: C / C++ Software Engineer / Windows / ...
£50,000 to £60,000: IT Connections Ltd: C++ / Java / Senior Software Developer...
£23500 - £50000 per annum: Randstad Education Plymouth: Randstad Education is...