Snow costs retailers millions
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Disruption caused by the heavy snowfall could cost UK businesses about £1bn, business groups have estimated. The Federation of Small Businesses (FSB) estimated 20% of the UK's working population, or 6.4 million people, did not make it to work.
Questions have been asked about whether authorities were sufficiently prepared for the snowfall, given that it was widely forecast.
The Centre for Economic and Business Research said that UK economic output or gross domestic product per day was about £4.5bn. "So if 20% of the population have zero productivity for the day, there is a loss of £900m," said Douglas McWilliams, the CEBR's chief executive.
He added that companies' cashflow could be hit by delayed payments as a result of the disruption and this could mean that an additional 2,000 to 3,000 businesses may fail as a result of the bad weather.
"Many of the businesses that are close to failing are in the retail sector and likely to be most affect by the snow and transport disruption," he said.
Dr. Helen Hill, director of policy and public affairs at the London Chamber of Commerce and Industry said that a one-day closure of the tube could cost the capital £48m in lost productivity.