Business leaders have urged the PM to make this year’s extra bank holiday to mark the Queen’s platinum jubilee permanent.
In an open letter, the CBI, UK Hospitality and a host of well-known brands said a “thank you” would honor the monarch and the public service.
They argued that the new post-Covid holiday would provide an economic boost.
Research from PwC also suggests government figures overestimated the cost of a new bank holiday by 64%.
In an open letter to Prime Minister Boris Johnson and Chancellor Rishi Sunak, the signatories said an additional holiday “each year would provide a moment for individuals and communities to come together to thank those who have contributed in ways large and small to our country a better place to live”.
They included the bosses of Siemens, Island and Punch pubs and the chair of the Campaign for Real Ale, as well as investor and entrepreneur Deborah Meaden, who runs the campaign.
The Dragon’s Den star said the move would “give the country a social and economic boost that we need after a difficult few years.”
New research from PwC, commissioned for the campaign, suggests the government’s existing figures previously overestimated the potential cost of a new bank holiday by 64%.
The consultancy noted the cost would likely be around £831million.
Bank holidays are created under the Banking and Financial Dealings Act 1971 or by Royal Proclamation – that is, by the Queen acting on the advice of the Government.
The Department of Economics, Energy and Industrial Strategy is responsible for public holidays.
Public holidays are not actually public holidays, although most employees have the day off.
Read more: Nine things you might not know about the holidays
The study points out that social positives may have been missed and that sectors like retail and hospitality, which have been hard hit during the pandemic, would benefit from a surge in demand.
The results also suggest that follow-up costs would be lower if the new bank holiday were to fall on a Friday, as people’s working hours tend to decrease in a typical week.
England and Wales currently have eight bank holidays a year, compared to the European Union average of 11.
If a public holiday falls on a weekend, employees in many countries are not entitled to an additional day off. In practice, employees do not always enjoy as many public holidays as the officially listed days suggest.
According to Visit England analysis of the August 2019 bank holiday, around a third of people took the opportunity to visit friends or family or to go out to eat.
Kate Nicholls, chief executive of UK Hospitality, said the sector was “ready to embrace this important tribute”, although opening hours could be restricted during a new bank holiday and businesses may need to find additional staffing cover.
The campaign was also supported by the TUC and the Royal Voluntary Service.
The union previously called for four extra public holidays a year, calling the current figure “stingy”.
At the time, the Economy Ministry said the cost to the economy was “significant” even if certain sectors could generate additional revenue.
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