Explainer-in-brief: The cost of another bank holiday
So you’ve woken up at the end of another long bank holiday, and thought right, when’s the next one? There have been several campaigns for new bank holidays – even a permanent one in honour of the Queen, or one to mark the sacrifices made during the pandemic – a Thank Holiday, as some charities called it.
The government said thanks but no thanks, arguing that an additional bank holiday would cost around £1.36bn to the economy. Yet data from PwC show that the government has overestimated this cost by more than 60 per cent – around £500m.
England and Wales have eight bank holidays – while the European average is eleven. In Australia, people get a bank holiday for the Queen’s birthday – while Brits don’t. Boris Johnson was even said to be considering one if England won the Euro 2020 football tournament.
As the government tries to figure out a way to bring people back into the workforce – and into the office – granting them an additional bank holiday could be a worthy compromise.