King: Diamond Jubilee to hit UK growth in Q2

Natalie Kenway
clock

The Queen's Diamond Jubilee celebrations will cause the economy to contract between April and June, the Bank of England's Mervyn King has warned.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

FCA's Rathi addresses Autumn Budget market abuse concerns

FCA's Rathi addresses Autumn Budget market abuse concerns

Pens open letter to Treasury Committee

Isabel Baxter
clock 04 December 2025 • 2 min read
More tax, less shelter: A slow-burn Budget for savers and investors

More tax, less shelter: A slow-burn Budget for savers and investors

'The Budget documents make for sobering reading for those trying to build up their wealth'

Laith Khalaf
clock 04 December 2025 • 3 min read
OBR 'deeply regrets' early release of Budget document

OBR 'deeply regrets' early release of Budget document

Mistaken release of Budget documents forced Richard Hughes' resignation

Linus Uhlig
clock 02 December 2025 • 3 min read