How doth the Banking Busy Bee,
Improve his shining Hours?
By studying on Bank Holidays,
Strange insects and Wild Flowers!
So wrote Punch magazine in 1882 about the man who more than anyone gave us that strangely and quintessentially British-named institution: the bank holiday. Londoner Sir John Lubbock Bt. (1834 – 1913) was the archetypal Victorian man of affairs. A successful banker, an MP, a philanthropist, a keen amateur scientist. Lubbock was the primary sponsor of the Bank Holidays Act 1871, which introduced four bank holidays under Law: Easter Monday, Whit Monday, the first Monday in August and Boxing Day. These have been added to or changed under subsequent Acts, the most recent being 1971. Because some of the Bank Holidays can fall on the weekend, the dates have to be fixed each year by Royal proclamation.
Christmas Day and Good Friday were already holidays under the Common Law and therefore are not official Bank Holidays.
But why bank holidays? Until 1871 – led by the Bank of England – most banks gave their staff the day off on selected saints’ days. Sir John Lubbock felt it would be rather nice if this boon in some small measure was spread to the wider national workforce. No person is obliged to pay any debt or transact any business on days such designated.
Three cheers for Sir John!