The pros and cons of a 3rd May Bank Holiday

As the UK hedas into May, there has been some discussion about the addition of an extra bank holiday for the King’s Jubilee. While an extra day off work may seem like a no-brainer, there are pros and cons to each side of the argument.

On the plus side, an extra bank holiday could provide a much-needed break for many workers who have been working hard through a difficult year. A recent report by the Centre for Economics and Business Research suggests that an extra bank holiday could stimulate the economy by giving people more time to spend money on leisure activities, shopping, and dining out.

The report notes that businesses may see a surge in revenue as a result, particularly in sectors like hospitality and tourism. In addition, an extra day off work could have positive impacts on mental health and wellbeing, as a lot of us will have more time to relax and spend time with family and friends.

However, there are also potential drawbacks to consider. For one, businesses would need to adjust their schedules and potentially lose a day of productivity. The Centre for Economics and Business Research report notes that some businesses may struggle to accommodate an additional bank holiday, particularly those in sectors that require 24/7 staffing, like healthcare and transportation.

One potential solution to these challenges is to stagger bank holidays across different regions of the UK. This could help to ease the strain on public services and businesses, as well as provide opportunities for workers in different regions to take advantage of the additional day off. It could also help to boost tourism and economic activity in different parts of the country.

In my opinion, this would be incredibly confusing for the public, and a better solution would be to spread bank holidays out during the year and avoid a situation where we have 3 bank holidays in a single month.

Unlike most UK companies, my employer has a year end in May, so losing a day on top of two bank holidays makes an already busy period even more so. That said, like most of us I’m not complaining about the extra day off work!