Damage limitation is down to business

Business can play a key role in limiting the economic damage to London after last Thursday’s attacks, according to experts.

The full impact on the capital’s economy from the terror attacks is less than clear. Hoteliers and retailers are expected to see a fall-off in business in the short term, but it is hoped that the impact in other areas will be limited.

Experts said the next few days could be vital in maintaining confidence. The London Chamber of Commerce said it was important for Londoners to hit the ground running this week

Travel agents have reported many cancellations from both domestic and foreign tourists. There are also concerns that an already struggling retail sector could be further weakened by stay-away shoppers.

However, the US saw record retail spending in the aftermath of the 9/11 attacks, and consumer confidence remained high in the wake of the Madrid train bombs last year.

A number of City companies were forced to put contingency plans into effect last week and succeeded in keeping disruption to a minimum.

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