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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Snow could cost British economy millions: experts AFP - 2 hours 29 minutes ago LONDON (AFP) - - The snow storms which paralysed Britain may have cost businesses already battling the credit crunch up to a billion pounds, experts said Tuesday -- and more blizzards could be still on their way. ADVERTISEMENT The 10 centimetres (four inches) of snow which coated London, Europe's financial capital, Monday virtually shut down air, rail and road links, forcing thousands of workers to stay at home. With Britain in recession and facing what the International Monetary Fund (IMF) says will be the worst slump in the developed world, the rare cold snap risks putting many struggling businesses into the deep freeze for good. The Federation of Small Businesses, which represents over 200,000 businessmen, said one in five people did not make it to work Monday, costing employers up to 1.2 billion pounds (1.3 billion euros, 1.7 billion dollars). Spokesman Stephen Alambritis said if the bad weather continues this week, that could rise to 3.5 billion pounds. The bad weather also hit other European countries including France, Italy, Switzerland, Belgium and Spain. Forecasters say Scotland will bear the brunt of the snow in the coming days. It has now largely stopped snowing in London and southeast England. Douglas McWilliams, chief executive of the Centre for Economics and Business Research, suggested several thousand firms could go bankrupt after the snow in Britain, especially if it lingers. "If it leads to delayed payments, the combined hit on profits and cashflow could send many businesses who might be close to the brink into premature bankruptcy," he told the Guardian newspaper. "Many are in retail and construction, sectors likely to be most affected by snow and transport disruption." But he added the cold weather could have an upside for some sectors. "Consumers spend more on heating and on warm clothes, and any accidents or structural damage leads to increased spending on repairs," said McWilliams. However the weather looks over the next few days, business leaders have criticised officials in London and southeast England for not doing more to prepare for the snow, despite forecasts predicting a deluge. David Frost, director-general of the British Chambers of Commerce, said images of snowbound Britain were embarrassing abroad. "All the European channels were showing images of London at a complete standstill, which was not a very positive image for the UK," he told BBC radio. "I wonder whether we have become a bit too complacent... when something like this does happen, we are caught very much on the hop." London Mayor Boris Johnson was criticised by his predecessor Ken Livingstone after the widespread failure of the city's public transport system Monday. Even the city's iconic red buses, which stayed on the road during World War II German bombing raids on London, failed to run for the first time in 100 years. British television ran pictures of bus drivers enjoying snowball fights instead. Johnson blamed the "wrong quantity of snow" for the problems and told BBC radio that "unleashing a 12-tonne bus on to heavily packed snow or ice" would risk "turning it into a lethal weapon". But Alambritis urged him to consult his counterparts in cities like Moscow and Vancouver on keeping public transport on track despite snowfalls. "We need this debate," he said. "One of the world's biggest economies should not be grinding to a halt, even if it is only once every 10 years." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Clinton: Mideast envoy returning to push for peaceAP - 54 minutes ago Gregg biographyAP - 55 minutes ago Fed extends life of programs to ease turmoilAP - 56 minutes ago Iraq captures woman who trained female bombersReuters - 56 minutes ago Snow strands 2,000 Eurostar passengers overnightAFP - 1 hour 1 minute ago Enlarge Photo Commuters make their way through heavy snow near Big Ben in central London. The snow storms which paralysed Britain may have cost businesses already battling the credit crunch up to a billion pounds, experts said -- and more blizzards could be still on their way. Most Popular – World Viewed 'Sex Bomb' Tom Jones goes grey Nokia threat to quit Finland 'unless law changed' Drugs giant GSK 'to slash thousands of jobs' Octuplets' mother already had six children: report GM, Chrysler set for more buyouts View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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