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Cold snap could ‘cost UK economy £1.2bn’ a day
As the cold snap continues, some experts are predicting that the severe weather could cost the UK economy up to £1.2 billion a day.
The warning came from the global insurer RSA, which claims that retailers and the restaurant and bar industries are likely to be the worst affected.
With large numbers of staff unable to make the treacherous journey to work, some businesses have been forced to closed, while others are struggling to maintain supplies as Britain’s transport network faces severe disruption.
RSA director David Greaves said: ‘Bad weather in the run-up to Christmas will have a major impact on the UK's economy and could lead to significant losses for already struggling businesses.
‘If we lose just one fifth of our daily GDP through companies not being able to open and people cancelling spending plans on events and shopping we're looking at about £1.2bn every working day,’ he added.
Meanwhile, the Confederation of British Industry (CBI) has urged employers to take a ‘common sense approach’ to staff absence and, where appropriate, allow employees to work from home.