£2bn cost to firms of Christmas shutdown

The Christmas shutdown will cost the economy of the South-East more than £2billion, business warned today.

An estimated 6.5 million man-days have been taken off in London alone over the festive period - one of the biggest stay-aways ever.

The timing of Christmas and New Year means today will have been the first time many companies have seen their employees for 17 days.

The London Chamber of Commerce estimates one in six of London's 3.7million workers took a long break, with one in 10 firms closed.

Colin Stanbridge, the chamber's chief executive, said: "The London economy is still fragile. To shut significant parts down for an entire fortnight is clearly damaging."

A spokeswoman for South West Trains, London's busiest commuter network, said peak trains were arriving at Waterloo with about 40 per cent fewer passengers than usual.

Meanwhile, research has shown a record six million people are taking sick leave from work every day. Up to 166 million sick days are taken each year - 6.8 days for every employee.