COST OF LONDON BOMBING, JULY 7, 2005

Date: 11/21/2005

Comment

COST OF BOMBING:/// The London bombings will cost the UK up to 3 billion and have an effect on the economy comparable with a natural disaster or deadly virus outbreak, an expert said./// Jan Randolph of the World Markets Research Centre said the attacks will cause similar economic damage to a hurricane or earthquake, or the Sars crisis of 2003./// Mr Randolph, head of risk at the London-based business analysts, said: "You have the immediate cost in terms of physical damage to infrastructure./// "But the real cost comes from the knock-on effect that is quite considerable in terms of use of public transport and retail sales, which were sliding anyway./// "There's also tourism and entertainment to consider - there will be less visitors, less people going to theatres and restaurants. "It's the same as a natural disaster like, for example, Hurricane Dennis in Florida - there's the physical damage and then the knock-on effect to the economy./// "We estimate 2bn to 3bn in terms of cost to the UK economy and a fall in growth of up to 0.2 per cent over the quarter, although that should rebound next quarter, as it did after September 11 and the Madrid bombings.''/// ......................000000000

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