Prior to , the Bank of England observed about 33 saints' days and religious festivals as holidays, but in , this was reduced to just four: 1 May, 1 November, Good Friday, and Christmas Day. In England, Wales and Ireland, Good Friday and Christmas Day were considered traditional days of rest as were Sundays and therefore it was felt unnecessary to include them in the Act. The move was such a popular one and there were even suggestions that August Bank Holiday should be called St Lubbock's day! This particular holiday is proclaimed annually by the Secretary of State for Northern Ireland.
From the date of the August bank holiday was changed to the end of the month in England, Wales, and Northern Ireland. The Whitsun bank holiday Whit Monday was replaced by the late spring bank holiday - fixed as the last Monday in May. The Banking and Financial Dealings Act , is in force today and there are 8 permanent bank and public holidays in England and Wales, 9 in Scotland and 10 in Northern Ireland.
In Scotland, since the Scotland Act Scottish Ministers have the responsibility for setting bank holidays. There are other public or local holidays which can be determined by local authorities, based on local tradition. Since , St Andrew's Day has been an alternative, voluntary public holiday, which can replace an existing local holiday. Businesses and schools are not necessarily closed on Scottish bank holidays, and the Scottish banks only follow the English and Welsh bank holidays for business reasons.
When the usual date of a bank or public holiday falls on a Saturday or Sunday, a 'substitute day' is given, normally the following Monday. The school year ends in late June and the resumes in mid-August, with a couple of long weekends in February, May and September a mid-term week long break in October. The Scotland Act assigns to Scottish Ministers the responsibility for setting bank holidays and legislation was passed in making it possible to substitute St.
Good Friday Initially, this was a public holiday, except in Scotland where it was made a bank holiday by the act. The act made it a bank holiday in England, Wales and Northern Ireland.
This caused a controversy with the Conservatives opposition who saw it as linked to International Socialism, despite the fact that there was a long tradition of May Day customs dating back to the Middle Ages. In Scotland the Act had already made this a bank holiday. It was created by the Governor of Northern Ireland in However, beginning in , Edward Heath , then President of the Board of Trade, experimentally changed it to the Monday following the last weekend in August, as a way of extending the holiday season and increasing trade, but this was only in England, Wales and Northern Ireland as the new school year in Scotland began, and still begins, in mid-August.
Christmas Day 25 December Initially, this was a public holiday, except in Scotland where it was a bank holiday in the act. The act made it a bank holiday across the whole of the UK. Library members can access the entries in the Oxford Dictionary of National Biography and for the people listed above by clicking on the hyperlinks in the text, and can also access the Glasgow Herald, via C19th Newspapers , the Times Digital Archive , and Oxford English Dictionary.
Home About Us. Holy-days and holidays The first meaning of holiday in the Oxford English Dictionary is: A consecrated day, a religious festival, now usually written holy-day. British almanac Local holidays The tradition of local holidays became even stronger after the industrial revolution when factories in a town would close down, and the whole workforce was then able to go on holiday.
Bank Holidays Statutory bank holidays were introduced by the Bank Holiday Act and were days when the Bank of England and banks could close. Bank holidays in the C20th and C21st In the C20th when workers had far fewer holidays than we do now, and when holidaying abroad was not the norm, bank holidays were of even greater importance and were often a a time for people to head to the seaside, and for drinking and merriment.
The Times 2 August left , 29 August right Traffic jams were, and still are, a feature of bank holidays, as are the packed trains and airports. The Origins of Bank Holidays. Tweet This. Personal Finance. US Markets. Income Tax. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.
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Your Practice. Popular Courses. Personal Finance Banking. What Is a Bank Holiday? Key Takeaways Financial institutions close on bank holidays. American bank holidays tend to fall on federal holidays celebrated in the United States. Online banks may continue service during bank holidays, depending on the financial institution. Even so, deposits will not be transferred to your bank account on a bank holiday.
Bank holidays don't always coincide with the stock market holidays. Article Sources. Investopedia requires writers to use primary sources to support their work.
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