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According to the findings of a research report each bank holiday in the UK costs the economy £2.3 billion.

Published by the Centre for Economics and Business Research, the report also states that scrapping bank holidays in the UK would boost annual output by £19 billion.

However, these figures have been called into question by an impact assessment prepared by the Department for Culture, Media and Sport, which assessed the impact that the recent bank holiday on June 5 had on the UK economy.

According to the assessment, the bank holiday, which was added to the calendar to celebrate the Queen’s Diamond Jubilee, at best cost the UK economy £1.2 billion.

Using LeaveMaster’s powerful reporting tools, you can assess the impact that holidays and absences have on your organisation.

Find out more.

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