Tuesday 24 August 2010
RMT tube strike will cost London economy £48m
Commenting on the news that the RMT is to announce a series of 24-hour tube strikes in September, Colin Stanbridge, Chief Executive of the London Chamber of Commerce and Industry (LCCI) said:
"If these strikes go ahead it will cause massive disruption to London's firms and damage our city's reputation as a reliable place to do business. Each day the Underground is shut it will cost the London economy £48 million and hamper the recovery of all sorts of companies still hungover from a crippling world wide recession."
"The RMT need to accept that everyone in the private and public sectors are having to do more with less nowadays and understand that holding millions of commuters to ransom is an unacceptable response to not having its demands met."
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NOTES TO EDITOR:
1) The London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.
2) The above figure is based on the cost of the last major tube strike in 2007, which cost London an estimated £48 million a day in lost productivity. The estimated cost of the 2007 tube strike was calculated based on the results of a September 2007 London Business Leaders' Panel survey, conducted by the LCCI in partnership with pollsters ComRes, in which 315 leading firms of all sizes and operating in all sectors from across the capital were surveyed.