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Latest NewsEconomics, government & businessHolidays and holiday payBank holidays

Government urged to make extra bank holiday permanent

by Ashleigh Webber 26 Apr 2022
by Ashleigh Webber 26 Apr 2022 Campaigners say an extra bank holiday will provide an economic boost
cktravels.com / Shutterstock.com
Campaigners say an extra bank holiday will provide an economic boost
cktravels.com / Shutterstock.com

Business leaders have urged ministers to make this year’s extra bank holiday marking the Queen’s platinum jubilee permanent, arguing that it will provide an economic boost and act as a ‘thank holiday’ for workers.

Groups including the Confederation of British Industry, UK Hospitality and the TUC have joined business leaders including  ITV chief executive Carolyn McCall  and Dragon’s Den star Deborah Meaden in a call for the government to consider the wider benefits of an extra bank holiday from 2023.

In a letter to the prime minister and chancellor, the group said the government had overestimated the economic costs of an additional bank holiday and had not given enough consideration of the potential social and health benefits.

It has been reported that chancellor Rishi Sunak intends to review the proposal, with the Telegraph suggesting he was “supportive” of making an extra bank holiday a permanent fixture.

Research by PwC suggested that the governent has overestimated the cost of a new bank holiday by 64%. It suggested that sectors such as hospitality and retail would benefit from an uplift in demand, and that scheduling an extra bank holiday on a Friday would minimise any costs because of how many people’s typical working hours are arranged.

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However, City analysts have warned next month’s platinum jubilee celebrations could trigger a drop in quarterly economic output as the rising cost of living forces consumers to curb their spending.

Extra bank holidays in previous jubilee years have led to sharp reductions in monthly GDP, as the costs from businesses closing for the day were not outweighed by the benefits from higher consumer spending.

Groups including the TUC have long called for more bank holidays for UK employees. There are currently eight permanent bank holidays in England and Wales, whereas Scotland has nine and Northern Ireland has 10. Many European nations including France and Germany have 11.

The letter’s signatories said that making the holiday permanent would “provide a moment every year for individuals and communities to come together, to thank those who have contributed in ways big and small to making our country a better place to live”.

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Ashleigh Webber
Ashleigh Webber

Ashleigh is editor at OHW+ and HR and wellbeing editor at Personnel Today. Ashleigh's areas of interest include employee health and wellbeing, equality and inclusion and skills development. She has hosted many webinars for Personnel Today, on topics including employee retention, financial wellbeing and menopause support. Prior to joining Personnel Today in 2018, she covered the road transport sector for Commercial Motor and Motor Transport magazines, touching on some of the employment and wellbeing issues experienced by those in road haulage.

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