Bank holiday

Bank holiday refers to a public holiday in the United Kingdom and Ireland during which banking institutions are legally required to close for business. The term is also colloquially used in many Commonwealth countries to refer to public holidays in general.

History

The first official bank holidays were designated by the Bank Holidays Act 1871, introduced by Sir John Lubbock, which specified the days in the statute. The schedule was significantly expanded through the Banking and Financial Dealings Act 1971, which remains the primary legislation governing bank holidays in the UK.

Bank Holidays in the United Kingdom

In the United Kingdom, bank holidays are days when the banks are closed for business, and is a public holiday. The term "bank holiday" is commonly used interchangeably with "public holiday". There are currently eight permanent bank holidays in England and Wales, nine in Scotland, and ten in Northern Ireland. These holidays include Christmas Day, New Year's Day, and Good Friday among others.

Bank Holidays in Ireland

In Ireland, a bank holiday is a public holiday. The term originated from the practice of banks closing for business, which in turn led to a day off for their employees. There are currently nine bank holidays in Ireland, including St. Patrick's Day, Easter Monday, and Christmas Day.

Impact on Society and Economy

Bank holidays have significant impacts on the society and economy. They often lead to increased spending in the retail and leisure sectors, as people take advantage of their day off to shop or travel. Conversely, they can also cause disruption to businesses and public services, particularly those in the financial sector.

See Also

• Public holidays in the United Kingdom
• Public holidays in Ireland
• Bank Holidays Act 1871
• Banking and Financial Dealings Act 1971