Tens of millions saved for London’s economy as Tube strikes suspended
London’s economy will save tens of millions of pounds over the next three days as a result of the suspension of planned strikes on the Tube. The Mayor, Sadiq Khan, has said it proves the value of engaging and talking to staff, which he contrasted with his predecessor’s refusal to meet or negotiate with the trade unions.
Over the weekend it emerged that 10 days of planned strikes on the Woolwich ferry have also been suspended to allow further talks to take place.
Tube strikes relating to a dispute over jobs, a legacy of Boris Johnson’s time as Mayor, were suspended last Friday after an agreement was reached to employ an additional 325 members of staff, of whom at least 200 will be full time.
Transport for London estimates that the suspension of strike action will mean it avoids losing revenue of up to £7.5m, all of which is reinvested in improving transport services in the capital. It remains difficult to measure the full cost of disruption caused by a Tube strike but the London Chamber of Commerce and Industry believe it would certainly be in the region of tens of millions of pounds.
The Mayor, Sadiq Khan, said:
Strikes cause huge disruption for London commuters and they cost our economy tens of millions of pounds. That is why I am so determined to reduce the number of days lost to strikes on the Underground, from the record high under my predecessor.
“The only way to resolve industrial disputes is by engaging and by talking. And I am pleased to see that approach has resulted in the suspension of two series of strikes that had the potential to cause huge disruption for Londoners and would have cost our economy tens of millions of pounds.
"My predecessor’s strategy for handling industrial relations was simply to bury his head in the sand and hope the problem would go away. That will not happen under my Mayoralty. We will continue to ensure all sides are able to take part in the kind of constructive discussions that allow them to settle their differences and prevent strike action.