Nation in mourning casts gloom over economy Analysts are downgrading their forecasts for the UK economy in the wake of the death of Queen Elizabeth II. Economists say a bank holiday for the Queen’s funeral will wipe £2bn off GDP and ensure output shrinks for a second consecutive quarter. Simon French, chief economist at Panmure Gordon, comments: “There are few parallels for this moment and that makes forecasting particularly difficult. We may not simply be talking about an extra bank holiday. There could be a prolonged period of national mourning.”