Additional permanent bank holiday every year would provide vital, long-lasting boost

Additional permanent bank holiday every year would provide vital, long-lasting boost

Alan Thomas, UK CEO at Simply Business, one of the UK’s largest providers of small business insurance, comments on the calls for an extra bank holiday and the potential impact to SMEs: “Making this year’s additional bank holiday for the Queen’s Jubilee permanent would provide a much needed – and long-lasting – boost to small businesses in the retail, hospitality, and leisure sectors. Holiday trading periods are vital to these businesses, accounting for a significant portion of their annual revenue.

“This year’s additional bank holiday comes at a pivotal moment. Independent retail, hospitality and leisure businesses have been disproportionately affected by Covid-19, losing a staggering £40,000 each on average due to the pandemic – almost double the £22,000 average losses reported by UK small businesses. What’s more, the VAT and business rates rise implemented at this year’s Spring Statement will also significantly hit the pockets of owners in these industries at a crucial point in their road to recovery.

“Alarmingly, one in six small businesses say they will never financially recover from the pandemic, equating to nearly one million UK small businesses in total. A further one in five (21%) don’t ever expect to return to pre-pandemic trading levels, while one three (32%) are currently living in fear of running out of money.

“With almost six million UK SMEs, contributing trillions of pounds a year in turnover, it is vital to the country’s economic recovery that they bounce back. An additional bank holiday every year would provide a substantial boost to small business owners across retail, hospitality and leisure, at a time when it’s needed most.”

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