UK economy can’t face new bank holidays
Julian Jessop quoted by iNews
Len Shackleton writes for CapX
Matthew Lesh writes for CityAM
“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.