The U.K. may officially fall into recession earlier than forecast due to the impact of the funeral for Queen Elizabeth II, economists say.
U.K. gross domestic product weakened 0.1% in the second quarter, due ironically to the extra celebrations for the Queen’s Platinum jubilee. Now that there’s an extra bank holiday on Sept. 19, the day of the Queen Elizabeth II’s funeral, output also may be impacted.
“The announcement of another bank holiday on Sept. 19 could also dampen GDP at the margin, over and above the recession we already expect over the coming year,” he added. There’s already been sporadic closures of businesses, with some sporting events, most notably soccer games, cancelled.
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