Bank Holidays are a welcome break for many people, but for those on the cusp of business insolvency, the day off could come at the worst possible time.
A Bank Holiday can be a boost to business in some industries, such as hospitality and tourism, but in many office-based sectors it represents a day of low-to-no revenue with an attached annual leave cost.
For so-called ‘zombie businesses’ that are only just able to continue servicing their existing debts, even this one-off extra cost could be enough to tip them over the edge, and into business insolvency.
Yet research reveals that many people don’t even like Bank Holidays – thinkmoney surveyed a representative sample of the population and found the equivalent of 1.5 million people specifically “hate” the forced day off work.
Overall, 7.6% of those surveyed dislike Bank Holidays, with one in three of these saying it is because the day off is boring.
Tellingly, 6% of people who dislike Bank Holidays do so because they are not in a job where they get paid on days off – a sentiment likely to be felt by business leaders too.
Ian Williams, spokesman for thinkmoney, said: “Perhaps we should spare a thought for those – such as the self-employed – who count the cost of the Bank Holiday as a day they can’t earn.”