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£120m and counting: what strikes will cost London
Evening Standard
|June 21, 2022
Fury of restaurant and bar owners trying to get back on feet after Covid
THE rail strikes will cost London's economy around £120 million in lost output, a leading City economist warned today.
Simon French from brokers Panmure Gordon said he feared each of the three planned stoppages will result in a £40 million hit to the capital as commuters decide to work from home and diners cancel their plans.
The biggest shutdown of the national rail network since 1989- - compounded by today's Tube strike will be felt particularly hard by London's hospitality sector.
David Moore, owner of Michelin-starred Pied à Terre in Fitzrovia, said: "The strikes have impacted us hugely. Bookings are falling away at an alarming rate of 50 per cent and private dining is almost fully cancelled, with no one wanting to pay for last-minute cancellations.
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