The four-day Jubilee weekend has boosted the UK tourist industry by £700 million, but the economy is still set to be down overall.
According to reports by Sky News, four million people took overnight trips to mark the Queen’s 60-year reign, spending an average of £175 each.
Commenting on the figures, a spokesman from VisitEngland, Sarah Long said: “The jubilee celebrations have captivated audiences at home and around the world, and will hopefully attract increased visitor numbers for years to come.”
However, the Centre for Economics and Business Research has found that each bank holiday could cost the UK economy up to £2.3 billion, offsetting any increase caused by tourism.
The authors of the report believe that the jubilee will have less of an effect on the economy due to a fall in national productivity.
Despite this however, the TUC believes that national holidays can “lift their national mood”, and therefore their value cannot be truly estimated.