The key findings of the research are that UK economic growth tends to be lower than usual in World Cup years with gross domestic product (GDP) growth averaging 2.3 per cent compared with an annual average of 2.5 per cent since 1950.
On the two occasions when England made it past the quarter-final stage there was relatively poor economic performance.
The World Cup winning year of 1966 only saw GDP increase by 1.9 per cent, and in 1990, when England reached the semi-finals, it only rose by 0.8 per cent.
Martin Ellis, group economist at the Halifax, said: "Our research shows that the World Cup feelgood factor sadly appears to be a myth. Nonetheless, like everybody else, we wish the team well next month. A successful World Cup campaign would certainly lift the mood of the nation even if it does not have a discernible impact on the economy."
