UK economy can’t face new bank holidays
24 August 2023
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Matthew Lesh writes for CityAM
IEA Director of Public Policy and Communications Matthew Lesh has written for City AM on the detrimental economic impact a bank holiday commemorating the Lionesses would have.
Matthew wrote:
“Last week, amid the excitement surrounding the Lionesses making it to the Football World Cup final, there were demands for a victory to be met with a new bank holiday. Labour leader Keir Starmer perhaps jinxed the result by declaring that “there should be a celebratory bank holiday if the Lionesses bring it home”.
“Unfortunately, despite how much everyone loves a day off, more bank holidays are a rubbish policy. According to IEA Economics Fellow Julian Jessop, an additional bank holiday for the Lionesses could have cost the economy around £1bn – a big blow to a country teetering on the brink of recession.
“There’s nothing wrong with wanting more leisure time – and in fact, it has become increasingly normal to negotiate with employers for part-time work or more time off in lieu of pay raises. But not everyone has to take the same time off with you. Keynes was ultimately wrong about the 15-hour workweek because we chose to work harder and become much richer.“
You can read the full article here.
Matthew wrote:
“Last week, amid the excitement surrounding the Lionesses making it to the Football World Cup final, there were demands for a victory to be met with a new bank holiday. Labour leader Keir Starmer perhaps jinxed the result by declaring that “there should be a celebratory bank holiday if the Lionesses bring it home”.
“Unfortunately, despite how much everyone loves a day off, more bank holidays are a rubbish policy. According to IEA Economics Fellow Julian Jessop, an additional bank holiday for the Lionesses could have cost the economy around £1bn – a big blow to a country teetering on the brink of recession.
“There’s nothing wrong with wanting more leisure time – and in fact, it has become increasingly normal to negotiate with employers for part-time work or more time off in lieu of pay raises. But not everyone has to take the same time off with you. Keynes was ultimately wrong about the 15-hour workweek because we chose to work harder and become much richer.“
You can read the full article here.
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