William’s wedding will cost economy six bn pounds

Wednesday, November 24, 2010

LONDON - Industry experts in Britain have said extra holidays announced by Prime Minister David Cameron to celebrate the wedding of Prince William and Kate Middleton will cost the economy a whopping six billion pounds.

Cameron had said the nation would be given an extra bank holiday to celebrate the marriage April 29.

Britain will be open for business on only three days between April 22 and May 2.

Workers will enjoy three weeks in a row of short hours, starting April 18 with the Holy Week, which will have four working days. The following week - starting April 25 - will be a three-day week, with Easter Monday and the wedding day, with another four-day week to follow because of May Day, the Daily Telegraph reported Wednesday.

Small businesses employers said they would suffer because of lost sales, while others warned that some companies would be shut down for the 11-day period because many staff would take the three-day week as annual leave.

The Confederation of British Industry (CBI) has calculated that such breaks cost the economy six billion pounds in lost productivity and overtime payments.

However, some businesses said the holiday is expected to bring extra cash in tourist revenue and memorabilia sales. Retailers predicted that the extra day off would generate revenue from shoppers and drinkers.

Filed under: Economy

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