Strikes hit the bottom line across a wide range of industries, and it is these ripple effects that make industrial action by the RMT such an effective bargaining tool in securing conditions for its members.
The Centre for Economics and Business Research (CEBR) estimated in April that two 24-hour strikes that month cost the economy directly between £130m and £250m in lost working days – both from RMT members themselves and commuters unable to get to work across the city.
However, it said that due to the increased popularity of cycling schemes and remote working, the direct cost of lost work days is higher than it would have been a few years ago.
But the cost is not limited to working days. Sectors such as hospitality and retail take a major hit when there is a Tube strike, particularly businesses in central London, which see a sharp drop in footfall and “less consumer spending”, the CEBR says.
Ahead of the April strike days, pubs and restaurants were braced for nearly a 40 per cent drop in sales, while cafés and coffee shops were expected to lose 34 per cent, according to trade body UKHospitality, which put the overall figure at around £600 million.