Jubilee bank holiday makes life hard for the Bank of England

By cutting GDP growth by about 0.3-0.4 percentage points (ppts) in Q2 and raising GDP growth by a similar amount in Q3, the impact of the extra bank holiday to mark the Queen’s Platinum Jubilee will all come out in the wash in the end. But it will add to the volatility of the activity data over the next couple of months, making it difficult for the Bank of England to judge the extent of the slowdown in the economy.

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