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Cost of a bank holiday

There are regular calls to introduce new bank holidays to mark events including sporting victories and saints’ days.

However, it is hard to accurately measure the overall economic impact, likely to be a cost, associated with an additional bank holiday, and estimates vary.

In 2022, the Department for Culture, Media and Sport published an impact assessment of an additional bank holiday. This estimated the economic cost, in terms of UK gross domestic product (GDP), to be £2.4 billion.

As of mid-2026, this estimate is still used by the government when responding to requests for additional bank holidays, such as if England were to win the 2026 FIFA Men’s World Cup.

This briefing focuses on the impact to the whole UK economy and to specific sectors, and not to individuals.

Further information on the legal background and employee rights to time off is available in the Library research briefing Bank and public holidays.