Figures released this week reveal that GDP growth flatlined in February - but there was a small glimmer of hope for retail sales, with many shops having a buoyant month according to the ONS.

The UK’s pandemic-battered retail and hospitality industries could have even more to celebrate in the coming weeks, as many are hoping King Charles’ coronation will lead to a further boost.

Britons have three bank holiday weekends to look forward to in May, with the biggest of these marking the Coronation of King Charles on the weekend of 6 May.

But can stocking up on food, drink and bunting really contribute to an uptick in the economy?

Last year’s celebrations for the Platinum Jubilee seem to suggest that it can.

During that bank holiday weekend, between 2 and 5 June, the economy benefited from a spending boom across hospitality, transport, entertainment and food shopping as transactions in these areas soared.

Market researcher Kantar reported that sales over the Platinum Jubilee weekend were £87million higher than on average in 2022.

And data from Barclays showed that restaurants saw a sales increase of 41.5 per cent while pubs, bars and nightclubs were up 74.2 per cent.