Economics
UK’s Jubilee Bank Holiday May Nudge Economy Into a Contraction
- Extra day off stands to knock a half point off GDP reading
- Rebound in next quarter may keep the UK out of a recession
Buses and taxis travel on Regent Street in central London on May 27.
Photographer: Adrian Dennis/AFP/Getty Images
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The bank holiday to celebrate Queen Elizabeth II’s 70 years on the throne may tip the UK economy into contraction but growth into subsequent months will save it from a recession.
The day off on Thursday to mark the jubilee will shave a half percentage point off gross domestic product in the second quarter, according to an estimate by Bloomberg Economics based on previous holidays.