Occasionally I despair of my own profession. Even economists should be able to enjoy a long weekend. Yet some of us are stuck debunking commentary on the economic impact of the Queen’s Platinum Jubilee celebrations – much of which justifies the old tag of the ‘dismal science’.
The long Jubilee weekend will indeed mean that economic activity, as usually assessed, is lower than it would otherwise have been. The output and income lost due to the temporary shutdown of most businesses will only partially be offset by increased spending in other areas, or recouped later.
We have, of course, been here before. The monthly measure of UK gross domestic product (GDP) fell by 2.2 per cent in June 2002 (during the Golden Jubilee celebrations), and by 1.7 per cent in June 2012 (the Diamond Jubilee).
Needless to say, not everyone will get into the Jubilee spirit
A similar fall of around 2 per cent in June this year would be equivalent to a hit of around £4 billion.
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