Daily Archives: May 30, 2012

The governor of the Bank of England has pointed out that Britain’s recorded economic growth in the second quarter of 2012 will be depressed by the plethora of bank holidays. Within three months there is a four-day weekend for Easter, a May day break and another four-day weekend to mark the Queen’s diamond jubilee.

Still, the news is not all bad: output will be boosted in the following quarter by expenditure associated with the London Olympics. The governor’s purpose – he can have had little hope of success – was to pre-empt speculation by financial commentators who perceive significance in 0.1 per cent fluctuations in reported output.

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