Pic: Tube&rail strike pressure in bus
Staff reporter(wp/es):
Today's crippling Tube and rail walkout has tipped the total cost to the capital's economy over £500 million, business leaders have estimated.
It is thought half a billion pounds has haemorrhaged from London’s economy in the last year because of the fallout from the ongoing Tube and Southern Rail strikes.
Delayed meetings because commuters are late for work, missed flights and less footfall through London’s pubs, restaurants and entertainment spots are among the reasons for the capital’s estimated massive economic loss, business experts said.
Wednesday saw another one-day walkout by RMT train guards on the Southern network, leaving more than 300,000 passengers facing cancelled trains and delays.
A separate Tube strike on the Central and Waterloo and City lines saw hundreds of thousands of people forced to re-plan their journeys as the sixth major London Underground walkout in less than a year took hold.
Business leaders condemned today’s industrial action and said the cumulative impact on London and the South East’s economy could be more than £500 million.
Colin Stanbridge, boss of the London Chamber of Commerce and Industry, said: “Tube and rail services are vital lifelines of the capital’s economy. There is no question about economic impact.
“Delayed meetings, missed flights or cancelled trips to bars, restaurants or theatres carry a collective, mounting cost.
“Continual industrial action could pose a real risk of damage to international perceptions of London as a good place to do business.
“It is frustrating to see unions call strikes, sometimes on apparently minor issues, that paralyse the daily life of London.”
Researchers at Chichester University said each day’s Southern Rail strike costs the south coast’s economy £11 million, making the total currently standing at £319 million.
Simon French, chief economist at City brokers Panmure Gordon, assessed the impact on London of the three-day Southern Rail network shutdown by striking Aslef drivers in January to be £60 million.
If all of the Tube walkouts are included, the total is likely to reach over half a billion pounds.
Peter McNaught, operations director on the Central Line, said: “I apologise to customers for the disruption this unnecessary strike is causing. We call on the RMT to join us for more talks to resolve this.”
The Tube dispute is over the “forced” transfer of eight drivers from their home depot at Leytonstone to others further afield.
RMT general secretary Mick Cash said: “If LU are allowed to get away with this move on the Central line they will start shunting drivers around at the drop of a hat.”
