Prince William and Kate Middleton’s wedding to cost UK economy over P340 billion
Prince William and Kate Middleton’s wedding on April 29 will reportedly cost Britain’s economy £5 billion (over P340 billion) by creating two consecutive four-day weekends, according to UK newspaper The Telegraph. The day of the wedding, which was declared a bank holiday, falls on a Friday, also the end of Easter week. The following Monday (May 2) is the May Day bank holiday.
Citing employers, The Telegraph reports that "small businesses would suffer because of lost sales... while some companies would effectively be shut down for the 11-day period because many staff would take the three-day week as annual leave." The bank holiday will cost £6 billion (about P419 billion) in lost productivity and overtime payments, but is expected to bring £1 billion (about P69 billion) in tourist revenues and memorabilia sales.
"Bank holidays are never good for businesses. Workers tend not to take just that one day off, but the whole week," financial commentator Mark Dampier told The Telegraph. "Although, this may be less disruptive than if it had been held in June or July. At this time many workers will be off anyway because of Easter."
For more on this story, log on to The Telegraph.