GDP own goal as UK tunes in

The World Cup and Golden Jubilee will cost UK employers more than £3 billion
in lost output while staff stay tuned in to the events, according to the Centre
for Economics and Business Research.

The centre’s research says that Friday’s historic victory for England
against Argentina and tomorrow’s game between with Nigeria, as well as the
Ireland-Germany clash could cost one third of a day’s output in June –
equivalent to £1.3bn in lost GDP. But the impact of the Golden Jubilee will
cost the economy an additional £2bn in GDP.

CEBR economist Richard Greenwood, said the impact will be offset by
increased spending. "Pubs and off-licence trade could benefit by around
£100m, as will telecoms, betting and newspapers," he said.

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