Whilst employees throughout the UK will be rejoicing at the thought of two consecutive long weekends this month, businesses and umbrella companies need to plan early for the closures.
RSM Tenon is warning firms that April only consists of 18 working days due to the Easter and royal wedding bank holidays. Cash-strapped firms will be hit the hardest and should begin chasing outstanding invoices at the beginning of April to avoid cash flow problems.
The company estimates that 15% of working Brits will take annual leave on the three days in between Easter and the royal wedding, which will give them an eleven day holiday from work. Many parents automatically take time off during the school Easter holiday and the increased absence could lead to remittances being delayed.
UK firms lose an average of £6bn in lost productivity every time there is a bank holiday but the impact is likely to be worse with the two holidays falling so close together.
However, certain sectors are bound to come out winners. Hotels, restaurants and the retail sector should see a strong increase in demand.
A new poll shows that the great majority of us have still not made any plans to go away over the bank holidays. The survey of 2,523 adults, commissioned by MPG Media Contacts, found that 70% of respondents had made no plans at all. Of those who had, 43% intend to take a holiday or short break away from home.
With so many people as yet undecided how to spend their bank holiday weekends, companies that deal with last minute travel could be set to make a killing. Thomas Cook is offering an additional 100,000 holidays and a spokesman said the Canaries and Turkey are already proving popular. New York hotels are also offering special deals this month in the hope of enticing Brits to celebrate the wedding of Prince William and Kate Middleton in the United States.
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Image: IBM 26 on/off switch by Marcin Wichary
