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A special four-day bank holiday weekend will greet residents across the British Isles this week. The extra time off for some Britons has come about in recognition of Queen Elizabeth II commemorating her Platinum Jubilee. Celebrations will be held up and down the country, to recognise her Majesty serving for 70 years as the monarch. But new research has found that the bank holiday won’t come cheap, with Britons looking to make the most of the occasion.
The arrival of bank holidays provides an opportunity for people to spend time with their family, and take a day trip around the country.
But these might be celebrated somewhat differently in 2022, as many Britons contend with the ever-growing cost of living crisis.
Research, from the Buy Now, Pay Later provider Zip, has shown just how expensive it’s become to enjoy bank holiday pastimes.
Its study compared prices between 1970 and the present day, taking measurements at each decade interval. But what exactly did it discover?
As one of the nation’s favourite pursuits, bank holidays often see Britons pay a visit to their local pub to buy a pint.
However, it’s now been revealed that to do so costs a staggering 23 percent more than it did in 2010 alone.
Today, a pint costs £4 each on average nationally, while for Londoners it’s even more expensive, at £6 a pop.
If you were to head back to 1970, a pint down your local would typically cost just 35p, which seems a world away from today’s prices.
Using figures obtained by the Bank of England (BoE) inflation rate calculator, the study also revealed the whopping cost of a trip to the seaside.
Compared with 20 years ago, you will now have to pay 53 percent more, with a trip today valued at around £31 per person.
That amount factors in a return train ticket from London to Brighton, fish and chips, and a couple of scoops of ice cream.
The same excursion in the 1970s would have cost Britons only £2.70, meaning the price has risen by an eye watering 1,048 percent in 50 years.
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For example, two scoops of ice cream back in 1970 would have set you back 26p, but for the same luxury today you’ll have to shell out £3 on average.
An even sharper rise has been observed in the value of one of Britain’s most well-known exports, fish and chips.
Half a century ago, the meal would have cost 70p, but in 2022 you’ll be reaching for around £8.
And a return train ticket between London and Brighton now costs £18.26 more than it previously did in the 1970s.
Finance expert, Emmanuel Asuquo, said: “With the bank holiday fast approaching, it’s vital people set themselves a budget, as it can be very easy to focus solely on enjoying the occasion and forget the costs involved with our favourite activities!”
Tips to help Britons to budget for the bank holiday weekend include:
Plan in advance – make purchases well ahead of peak leisure times. It will serve your wallet well in the long and short term.
Don’t spend beyond your means – consider any purchase carefully. Do you need a full new outfit for the weekend, or can you manage with picking up one key item?
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