Yes, fun and snow balls aside, there is officially a serious angle to Monday’s epic snowfalls in the UK.
Don’t believe us? Here’s what Howard Archer, UK economist at IHS Global Insight, has to say about the matter.
The exceptional weather is clearly going to have some negative impact on most sectors of the economy as many people can’t get to work or the shops. Manufacturers, service providers and retailers are all likely to be affected to varying degrees. Having skidded 8 miles to the station in my car at 5.30 this morning only to find there were no trains running and being strongly advised not to travel, I skidded back home and am working from there - but not everyone can do that!!
Smaller businesses in particular may have to close down for a period if a core number of people can’t get in The extent of the hit to the economy will obviously depend on just how bad the conditions get and how long it lasts for. It is also difficult to say how much work can be compensated for by people working at home or ordering online given the ever growing role of the internet. And some of the loss of business/trading may be quickly made up once the bad weather eases. Very cold weather will boost utilities output But any disruption to business is the very last thing that the UK economy needs in its current extremely weak state.Oh dear.
Related links:
UK plc closed - FT Alphaville
Transport for London travel updates - TFL
