The proposal was backed by Culture Secretary Oliver Dowden who called it an “excellent proposal”.
He said: “One of the challenges we will have is getting the sector up and running as strongly as possible in the summer and extending it for as long as we can.
“This is a matter that I am discussing with my colleague, the Business Secretary [Alok Sharma].”
According to the Telegraph, those hoping for an extra bank holiday in October are likely to be left disappointed.
A Department of Business employee Paul Scully told the Telegraph the cost could be in excess of £1.2bn meaning it would be too costly when the UK is expected to be in recession.
He said: “Currently there are no plans to change the Bank Holiday dates. The Government regularly receives requests for additional bank and public holidays to commemorate a variety of occasions.
“The current pattern of public and Bank Holidays is well established and acknowledged within the country.
“Whilst an additional Bank Holiday may benefit some communities and sectors, the cost to the economy of an additional Bank Holiday is considerable.
“The estimated cost to the economy of the one-off Bank Holiday for the Queen’s Diamond Jubilee in 2012 was £1.2 billion.”