Slow business prompts thousands of firms to close over festive break
28 Dec 2011
Millions of workers are enjoying an extended Christmas break this year after thousands of businesses chose to remain closed during holiday period, according to the Centre for Economics and Business Research (CEBR).
It is thought that around five million employees are taking a fortnight off work because they know there will be insufficient work to cover the holiday period.
Meanwhile, many business owners fear that sluggish consumer spending will mean they cannot justify opening over the festive break.
The CEBR said this would lead to the effective shutdown of thousands of businesses across the country.
‘People are thinking 'If I can’t make money I might as well take the time off’. I would be amazed if the number of people taking long holidays is not over five million,’ commented Mr McWilliams from the CEBR.
The Chartered Institute of Personnel and Development (CIPD) said it expected large numbers of working parents to enjoy an even longer break, with many opting to start their holiday when the schools broke up.
‘Those in a position to take a break or go abroad will have seen the start of the school holidays as the time to take an extended break,’ saidthe body’s chief economic adviser, John Philpott.
