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Tuesday, February 03, 2009

THE COST OF THE SNOW STORM

Britain's worst snow storm for 18 years is expected to cost the country millions of pounds in lost trade.
One in five workers are thought to have stayed at home rather than risk icy roads - a decision endorsed by many employers.
The Federation of Small Businesses said the extreme weather would cost the economy £1.2bn.
London is expected to be the worst hit by stay-at-home workers.
The London Chamber of Commerce and Industry (LCCI) said a one-day tube strike in 2007 cost London £48 millions

Almost the entire Tube network was closed by the heavy snow on Monday while no buses were running in the capital.
And the railway network was in a similar state with rail companies urging people not to travel.
Southeastern, the UK's busiest commuter operator, was forced to cancel all services into London with no trains running into Cannon Street, Charing Cross and parts of London Bridge and Victoria stations.
Southern, which operates rail commuter routes from the south coast, including the Brighton line, into Victoria was forced to reduce its service on all routes to just one or two trains an hour.
The disrupted rail service meant London's stock market dealing floors were left half empty for early trading.

The London Stock Exchange said trading activity had fallen to levels not normally seen except on traditionally quiet days, such as Christmas Eve.
Dr Helen Hill, director of policy and public affairs at the LCCI said: "We know that a one-day closure of the Tube alone can cost the capital up to £48m in lost productivity, so with most of London's transport infrastructure down, the costs could be similarly high.
"Hopefully things will not grind to a halt completely however, as local staff may be able to get into the office and many others can now work remotely and conduct business online."
One in four bosses said they were allowing staff to leave early, according to the study of 300 employers by employment law firm Peninsula.

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