Ministers do not seem likely to make the upcoming additional banking holiday in honor of the Queen’s platinum anniversary permanent, as Downing Street has poured cold water on plans and highlighted the high cost to the economy of such a move.
Business leaders – including Dragons’ star Den Deborah Meaden and ITV chief executive Carolyn McCall – have launched a campaign urging the government to consider the wider benefits of turning next month’s additional public holiday into an annual.
Others who supported the Thanksgiving holiday on Friday, June 3, included the Confederation of British Industry, Hospitality UK and the Archbishop of Canterbury.
Prime Minister Boris Johnson and Chancellor Rishi Sunak were called upon to consider the proposal, but No. 10 suggested it was unlikely to approve it.
A Johnson spokesman said it was a “unique” event, adding: “I am not aware of any plans to do so permanently.” He said that every banking holiday “represents a significant and significant cost to our economy and therefore any proposal will have to be considered carefully on this basis.”
Deborah Meaden says the Thanksgiving plan will help businesses that have fought the pandemic. Photo: Ken McKay / ITV / Rex / Shutterstock
Although it will be reviewed, the spokesman said a new bank holiday is estimated to cost the economy £ 2 billion.
However, the official impact assessment of the government suggests that there may be a boost for the hospitality, tourism and retail sectors, while acknowledging that there may be benefits to mental health and well-being.
Campaigners said research commissioned by accounting firm PwC showed that existing government data overestimated the potential cost of a new bank holiday by 64%, while not taking into account the positive social and health benefits not covered by the data. for GDP.
Meiden said the additional bank holiday will help those businesses that have struggled the most during the Covid pandemic. She said: “We all have fond memories of traveling, gathering with friends or just enjoying relaxing time with loved ones. But it is also a great benefit for many businesses – especially those sectors that fought during the pandemic.
“I support the campaign because I believe it will be an appropriate tribute to Her Majesty’s 70 years of public service and to all the people who are making our communities better, better places to live. But I also think that the Thanksgiving holiday will provide the country with the social and economic stimulus we need after a difficult few years.
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Prior to the Covid pandemic, the biggest monthly declines in GDP were during the Queen’s Golden Jubilee in 2002, when production fell 2.2%, and the Diamond Jubilee in 2012, when it fell 1.5%.
To mark this year’s banking holiday to celebrate the Queen’s 70th reign, the opening hours of pubs and bars will be extended in England and Wales, with the end of 23:00 being postponed to 1:00.
A new 50 pence coin was also provided to the post offices to mark the anniversary, with a maximum circulation of 5,000,070.
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