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Bank Holidays: Should they stay or should they go?
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Posted in Candidates, Employers on Apr 25, 2012 by Richard Hayden
We all take advantage of those extra couple of days per year, whether we use them to get on top of the gardening or visit family and friends, we try to make the best of our bank holidays. But did you know that each bank holiday costs the UK about £2.3billion according to experts from the Centre for Economics and Business Research. With at least eight bank holidays a year (nine in 2012) they cost the economy an average of around £18 billion a year.
Therefore, gross domestic product (GDP) would receive a £2.3 billion boost for every bank holiday that was scrapped, helping Britain compete more effectively in the global market.
Approximately 47 per cent of businesses are hit by the scheduling of bank holidays as they are forced to close, whilst only 14 per cent benefit through extra trade with restaurants and hotels amongst those to do the best out of the additional holiday days.
Economist Daniel Solomon said 'The bank holidays mean that eight of these 261 weekdays - or three per cent of weekdays - are taken as time off by many workers. This puts downward pressure on productivity and hence GDP.’
This year Good Friday and Easter Monday celebrations cost the UK in the region of £4.7 billion. With plans for May Day to be traded in, in favour of St George's Day in April for England and St David's Day in March for Wales, or a Trafalgar Day in October should we be reconsidering the rest of the bank holidays to boost the economy and relieve pressure on business owners?
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Therefore, gross domestic product (GDP) would receive a £2.3 billion boost for every bank holiday that was scrapped, helping Britain compete more effectively in the global market.
Approximately 47 per cent of businesses are hit by the scheduling of bank holidays as they are forced to close, whilst only 14 per cent benefit through extra trade with restaurants and hotels amongst those to do the best out of the additional holiday days.
Economist Daniel Solomon said 'The bank holidays mean that eight of these 261 weekdays - or three per cent of weekdays - are taken as time off by many workers. This puts downward pressure on productivity and hence GDP.’
This year Good Friday and Easter Monday celebrations cost the UK in the region of £4.7 billion. With plans for May Day to be traded in, in favour of St George's Day in April for England and St David's Day in March for Wales, or a Trafalgar Day in October should we be reconsidering the rest of the bank holidays to boost the economy and relieve pressure on business owners?
We would like to hear your views on the points raised in this article, please feel free to leave a comment or email us directly at info@key-appointments.co.uk
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