<P> A bank holiday is a colloquial and legal term for a public holiday in the United Kingdom, some Commonwealth countries, Hong Kong and the Republic of 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 . The first official bank holidays were the four days named in the Bank Holidays Act 1871, but today the term is colloquially used for Good Friday and Christmas Day which were already public holidays under common law and therefore not official bank holidays in England, Wales and Northern Ireland . </P> <P> Until 1834, the Bank of England observed about 33 saints' days and religious festivals as holidays, but in that year 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, which specified the days in the table below . Under the Act, no person was compelled to make any payment or to do any act upon a bank holiday which he would not be compelled to do or make on Christmas Day or Good Friday, and the making of a payment or the doing of an act on the following day was equivalent to doing it on the holiday . People were so grateful that some called the first Bank Holidays St Lubbock's Days for a while . Scotland was treated separately because of its separate traditions: for example, New Year is a more important holiday there . </P> <Table> Bank holidays 1871 <Tr> <Th> England, Wales and Ireland </Th> <Th> Scotland </Th> </Tr> <Tr> <Td> </Td> <Td> New Year's Day </Td> </Tr> <Tr> <Td> Easter Monday </Td> <Td> Good Friday </Td> </Tr> <Tr> <Td> Whit Monday </Td> <Td> First Monday in May </Td> </Tr> <Tr> <Td> First Monday in August </Td> <Td> First Monday in August </Td> </Tr> <Tr> <Td> Boxing Day / St Stephen's Day </Td> <Td> Christmas Day </Td> </Tr> </Table> <Tr> <Th> England, Wales and Ireland </Th> <Th> Scotland </Th> </Tr>

When did new years day become a bank holiday