Tens of Billions: The True Cost of 2012?
ItΓÇÖs a sports edition summer this year, when many a football widow bemoans the double serving of both the Olympics and Euro 2012. But what impact will it have on business?
Combined with an air of festivity nationwide, we charge through a year that sees the QueenΓÇÖs Diamond Jubilee, the 30th Summer Olympics of the modern era, Wimbledon and festivals galore.
But the added time off could account for more loss to UK businesses than previously accounted for.
Leaving the well-publicised Olympics aside for a moment, lets consider the impact of Euro 2012. Remember, Britain is a country famed for its multiculturalism and it wonΓÇÖt just be the England matches that draw all the attention from your staff.
When Poland, Greece, Russia and the Czech Republic face each other on the 8th, 12th and 16th of June this year, no less than 125,000 citizens living in the UK will be gripped by the game.
On the 9th, 13th and 17th on the other hand, many of the 370,000 Dutch, Danish, German and Portuguese people who live in the UK may choose to take the time off work. And twice that many Italian, Croatian, Spanish and Irish UK residents will enjoy their match days on the 10th, 14th and 18th of June.
But these numbers utterly pale in comparison to the days on which England plays this summer.
Along with the Swedish, French and Ukrainian groups playing on the same days, the England football team could see as many as 5.5 million fans taking their time or attention away from work to enjoy game days on Monday 11th, Friday 15th and Tuesday 19th of June.
Given the sheer numbers of people invested in this yearΓÇÖs numerous events, the UK is facing a number of unsolicited bank-holiday-type events where few people who turn up to work are actually interested in whatΓÇÖs going on at work – while the rest of the country celebrates summer at the pub, watching the match.
Including the Olympic Game days, the unusual quota of 2012 Bank Holidays and the days on which games of Euro 2012 and Wimbledon are playing – the final bill could cost the UK economy more than previously billed ΓÇô tens of billions more.
What will it cost your business?
Are you planning to take time off during Euro 2012, or will you be stuck at the office, checking the internet for updates?