CERB Calls for Removing Bank Holidays to Save UK Economy

If bank holidays in the country are going to be removed from the calendar, then this will result to £19 billion additional annual economic income, according to the Centre for Economics and Business Research. The CERB has calculated that each bank holiday that the UK has makes the country lose about £2.3 billion. England and Wales normally have eight bank holidays every year while Scotland has nine bank holidays and Northern Ireland has ten. For the year 2012, there is an extra bank holiday for the month of April for the celebration of the Diamond Jubilee as well as Easter. May and June will also have five bank holidays in England, Wales and Northern Island. CERB suggests removing the bank holidays and with this, the economy of the country will move up by £19 billion annually.