News: First round of tube strikes cost small businesses £600m

PiccadillyThe financial impact of last week’s tube strikes in London has been revealed – and it’s estimated that the cost to small businesses reached £600 million.

During last week’s 48-hour strikes, which took place from Tuesday evening, the Federation of Small Businesses found that small businesses lost an average of £1,297 each.

Further disruption is expected this week, as a second round of 48-hour strikes is due to start tomorrow evening.

More than half (58%) of small businesses in the city reported disruption, with staff struggling to get into work. The biggest problems were reported as cancelled meetings (59%) and staff absences (43%).

Beyond the capital, one fifth of companies in the South East said they had already suffered as a result of the tube strikes.

John Allan, national chairman for the Federation of Small Businesses, said “The capital is bracing itself for more disruption this week as another round of strikes is due to take place. With small firms estimating a cost of £600 million across the capital, they are rightly concerned about the impact a second round could have.

He continued: “Ultimately, those businesses where staff and customers rely on the tube could be put at a further disadvantage”.

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Kasey writes about the latest small business and website news for bOnline. Find Kasey on Google+, or follow bOnline on Facebook, Twitter, LinkedIn and Google+

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