King: Diamond Jubilee to hit UK growth in Q2

The Bank's governor said the celebrations, which include an extra Bank Holiday on 5 June, are likely to hit output significantly, much like the Royal Wedding of Prince William and Catherine Middleton did last year, according to the BBC. As a result, he warned the economy would likely contract in the second quarter this year. However, the economy overall will grow in 2012, said King in a speech to the House of Lord's Economic Affairs Committee, expanding by 1% after a "zig-zag" of positive and negative growth. Although the Jubilee, celebrating the Queen's 60-year reign, is likely to...