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Business News 23 Jan 2013

Adverse weather 'costs business £500m a day'

The recent adverse weather conditions could cost the economy as much as £500m a day, according to a recent report.

With snow hitting many parts of the UK, around a third of workers have been unable to get in to work.

The Office for National Statistics (ONS) revealed in 2010, the UK economy contracted by 0.5% in the final quarter of the year, as a result of the adverse weather experienced in December.

With snow and icy conditions affecting businesses, schools and transport networks across the country, the construction and retail sectors are likely to be particularly hard hit.

The news comes ahead of the publication of official figures for the final quarter of 2012, with many economists predicting the ONS will reveal that the economy shrank again at the end of the year.

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