Terrorism in Uk

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The Economic Effects of Terrorism on London – Experiences of Firms in London’s Business Community

Press & Public Affairs London Chamber of Commerce and Industry August 2005

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The London Chamber of Commerce represents 3,500 firms across the capital, ranging in size from multi-national companies such as BT and Thames Water to sole traders. Without exception, our policies are always informed by the experiences of our member companies. The objective is to ensure that the private sector in London, which is the principal engine of the national economy, is able to operate on a level playing field, free from unnecessary hindrance from bureaucrats and politicians alike. It is only by putting London’s businesses first that the capital can maintain its outstanding record for creating well-paid jobs, leading the world in service provision and being Europe’s favourite location for foreign direct investment.

For further information or to discuss this report, please contact: Dr Helen Hill, Press & Public Affairs Manager or James Ford, Senior Press & Public Affairs Executive London Chamber of Commerce & Industry, 33 Queen Street, London EC4R 1AP (Tel: 020 7203 1882 or 020 7203 1889 or Email: jford@londonchamber.co.uk)

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Index

Executive Summary……………………………………………………………….5

The Economic Effects of Terrorism: Historical Context………………………….7 Terrorism in London IRA attacks on London 1971-88 IRA attacks on centres of commercial and economic activity 1988-2001 IRA attacks on London Transport The Economic Effects of Terrorism: September 11th 2001……………………….11 The World Trade Center Attacks – the impact on New York The World Trade Center Attacks – the impact on London and the UK The London Bombings: 7th & 21st July 2005……………………………………..14 The immediate effects on the London and UK economies Case Studies: Businesses protect employees from public travel Case Studies: Economic impact of the July 7th shutdown on London Chamber members Benefits for some Case Studies: Business resilient but consumers running scared Case Studies: Chamber members optimistic tourists will return Case Studies: London’s retail heartland The longer term impact: A ‘terror tax’ on business Conclusion: Confidence is key…………………………………………………….21

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Royal Mail “We suspended our vehicles from moving between central London sites and in and out of London for the bulk of the day. At least 25% of the UK's mail moves through London, even if it's destination is elsewhere, so there was potential disruption through the UK”. However, Royal Mail was ‘very quickly able to recover’ and ‘in many cases services were being resumed during the afternoon and evening of 7 July and deliveries were made as usual the following morning.’ Wedlake Bell (Solicitors) “We will be reviewing our disaster recover/business continuity plan as we realised it is based on a disaster happening to the building rather than a terrorist attack or general disaster.” Virgin Trains “The summer season ‘leisure trip’ market to the capital is perhaps more vulnerable to outside influences. London and its huge number of attractions, places to go and things to do and see is a very popular leisure destination during school holidays and is of significant importance to train operators. Anecdotal evidence so far is encouraging and whilst numbers appear to have been slightly down in July they seem to be increasing. Perhaps one explanation could be that with the holidays spreading over so many weeks, a rescheduling of activities is taking place with the ‘London trip’ moving back by a few weeks? London does of course provide an all year round leisure destination and there may be opportunities to further develop this market as part of a wider ‘visit London’ promotion, something we would be keen to be involved in.” Covent Garden Business Forum “The terror attacks are just the latest in a long line of potential set-backs for tourism and retail in Covent Garden and London after foot and mouth, 9/11, the...
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