What impact will the Tube strike have on the economy?

The Tube strike in London has begun to exert a significant economic toll, with estimates indicating a direct cost of £230 million and a loss of 700,000 working days. Business owners like Prasanna Callaghan of Crumpets Cafe warn of daily losses of £600-£700 due to decreased foot traffic from commuters. The Rail, Maritime and Transport union (RMT) is striking over pay and working conditions, including a proposal for a 32-hour workweek. Sarah King from the Federation of Small Businesses highlighted that many small businesses depend on commuter footfall, making the strike's impact particularly damaging. The Centre for Economics and Business Research notes that reduced productivity and increased road congestion will exacerbate the economic fallout.

Mildreds, a vegan restaurant, anticipates a significant drop in bookings and is focusing on customer loyalty during the strike. Claire Mann, TfL's chief operating officer, has called for the RMT to halt the strike and engage in discussions. As the situation evolves, the implications for London's economy and small businesses remain a pressing concern.