It may be cold, and it may close schools, but it can cause problems for the local economy (who knew).
Clearing the snow requires snow plows, gritters, and of course, man power. And all these things cost money. In order to keep the roads clear, all these need to put to use, and they all cost money. The recent snowfall could cost the economy up to £470 million per day.
Back in 2010, there was a snow fall covering Britain just like this, and as a result, the economy shrank by 0.5%. It doesn't sound like a lot, but 'every little helps' (say Tesco), and this could mean billions of pounds could be lost. Delivery shipments also got out of cycle, as shoppers panicked to get what food they could from shops.
But now in 2013, the economy is slowly growing out of recession. And the snowfall could end up sending us back into recession. Many local shops (e.g. HMV and Blockbuster) have gone into administration, putting many people out of work.
Yet, there is still a faint light at the end of the tunnel, as smaller shops can now get an increase in business, as people cannot get out to their main shops.
That aside, that is still not enough to pull the economy back out of recession, with a GDP (Gross Domestic Product) still contracting (recession occurs when their are 2 consecutive quarters/6 months of GDP contraction).
So, the longer the snow lasts, the more the economy is in danger of recession. Later on this week, a thaw is expected, which can bring widespread flooding. This could damage the economy further. But only time will tell if this happens.
