A bank holiday is a public holiday in the United Kingdom, Commonwealth countries, other European countries such as Switzerland, and a colloquialism for a public holiday in Ireland.
There is no automatic right to time off on these days, although banks close and the majority of the working population is granted time off work or extra pay for working on these days, depending on their contract.
Prior to 1834, the Bank of England observed about 33 saints' days and religious festivals as holidays, but in 1834 this was reduced to four: 1 May (May Day), 1 November (All Saints Day), Good Friday, and Christmas Day.
In 1871, the first legislation relating to bank holidays was passed when Liberal politician and banker Sir John Lubbock introduced the Bank Holidays Act 1871.
The first official bank holidays were the four days named in the Bank Holidays Act 1871, but today the term is colloquially used for public holidays which are not officially bank holidays, for example Good Friday and Christmas Day.
Someone told me that the term Bank Holiday came about because the banks can go on holiday with the interest they charge their customers for the money they borrow for Bank Holidays. Is that right?
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