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Bank Holidays Cost UK Economy £2bn Each, Says Think-Tank

PA/The Huffington Post  |  Posted: 9/04/2012 09:25 Updated: 9/04/2012 14:16

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Scrapping bank holidays could add at least £18bn to the nation's annual economic output, a think-tank has said.

The Centre for Economics and Business Research said that each public holiday costs the UK economy in the region of around £2bn.

There are nine public holidays in England this year with slight variations in the rest of the UK, including five holidays between Easter and June taking in the extra holiday for the Queen's Diamond Jubilee.

Douglas McWilliams, of the Centre for Economics and Business Research, told BBC Breakfast on Monday: "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.

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."

McWilliams said he was not advocating scrapping the holidays but spreading them out. "I think people would enjoy them a lot more," he said.

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Scrapping bank holidays could add at least £18bn to the nation's annual economic output, a think-tank has said. The Centre for Economics and Business Research said that each public holiday costs t...
Scrapping bank holidays could add at least £18bn to the nation's annual economic output, a think-tank has said. The Centre for Economics and Business Research said that each public holiday costs t...
 
 
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davidgh
0 Fans
11:51 PM on 04/11/2012
£2 Billion a bank holiday. But we have a work force of 30 million.

So that is £67 each then.

If someone worked instead of holidayed, for 8 hours on the National Minimum Wage they would earn £48.

I therefore conclude that Bank Holidays are good value for money, and perhaps we should have more.

And I have done enough research to present myself as an economic policy think tank.

Mr McWilliams, the savant behind the original "rough and ready" research claims on his website, "We now cover an unparalleled range of skills and expertise and we place great importance on retaining and developing our human capital. What is more, our economists understand the importance of effective communication and offer much more than just academic excellence."
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Stuart Kenneth Allison
Writer, blogger, husband & father.
761 Fans
 
08:40 PM on 04/10/2012
The money men only ever think of the money. There is more to a full life than cash. Sad, sad, sad.
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1959greenarrow
21 Fans
 
08:40 PM on 04/10/2012
scrapping asylum and immigration would save a lot more
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Electrastar
65 Fans
01:02 PM on 04/10/2012
Strange that a Scot comes up with this, yet Scotland has more public holidays than England.
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lawblynn
38 Fans
09:33 AM on 04/10/2012
Yet again just as things seem to be moving forward albeit slowly the doom and gloom merchants come out of the woodwork to cast doubt and uncertainty. If we are to get the country out of the mess left by the last so called government then we should all take a positive attitude and tell these over-paid think tank members to get a proper job and contribute to the ecomony instead of sitting on their backsides looking for ways to undermine everything and denegrate the hard working man.
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Oncewas12
20 Fans
08:49 AM on 04/10/2012
Another deliberately misleading headline from this stupid "news" paper.
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ollasam
2 Fans
08:26 AM on 04/10/2012
Try working in Florida where my son lives.....Y'all would know what holidays are about! You only get two weeks vacation until you have worked in a job for 10 years then you get three! Bank holidays are about the same amount as here! My Daughter in Law works three 12/13 hour shifts as a Nurse and still only gets the statutory 2 weeks vacation time off! Try that then 'Bitch' about working in this country!!
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Laatab
All The Worlds A Stage
66 Fans
05:03 AM on 04/10/2012
Well if we did scrap them I dont imagine it would be us that would benefit. They would just pass it on to the bankers or something.
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obeliskpress
Muddy water, let stand, becomes clear.
126 Fans
 
03:03 AM on 04/10/2012
Because people are machines that should work until they wear out, then get scrapped.
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DrakeUnlimited
F.&A.M.
161 Fans
 
02:06 AM on 04/10/2012
Ah, but the real question is how much would we save by scrapping the royals?
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Mac Howard
Thank god we got convicts, you got the puritans
534 Fans
02:05 AM on 04/10/2012
"McWilliams said he was not advocating scrapping the holidays but spreading them out. "I think people would enjoy them a lot more," he said."

So how would that save 18 billion?
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smknz
27 Fans
12:03 AM on 04/10/2012
Maybe we should give up weekends as well and 8 hour workdays. In fact lets really boose the economy be revoking child labour laws and minimum wage.
Working people are being moved at breakneck speed back to the middle ages while those who run this economy are gaining unprecedented wealth.
These people will not be happy until they can say. Are there no prisons? Are there no workhouses?
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sunnyokanagan
Increase compassion. Decrease suffering
155 Fans
02:20 AM on 04/10/2012
F&F mate
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deeegeee
72 Fans
05:52 AM on 04/10/2012
I like the idea to "boose"the economy !
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Kehlan Sutai Inigan
32 Fans
10:42 PM on 04/09/2012
Spreading them out a bit might not be a bad idea... and making sure that all workers are equally entitled to them would be nice as well... my husband, like many factory workers, does not get bank holidays and has to work them. He doesnt get double time either, or even time and a half, and he is by no means alone in this.
I'm pretty sure that most business would find that any loss of momentum caused by giving staff some time off, would be more than compensated for by the increas in production bys taff coming back refreshed and boosted in morale after a nice day off to relax and recharge the batteries instead of doing the bare minimum because they are poorly paid and resent being forced to work bank holidays for no extra benefit when the fat cats are all off work enjoying themselves.
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Fubnuts
4 Fans
10:37 PM on 04/09/2012
I can't believe 33% of people have voted thinking this is a good idea! UK has less bank holidays than any other Western country. Perhaps they should become public holidays (ie for the public) and the banks can still trade as normal. Who cares if the banks / bankers have to work. Of course that will just harm the economy more....
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