Experts said the action will unleash more misery on struggling businesses and hard-working families, leaving more than 250,000 people unable to work as the transport system grinds to a halt across Britain. London Underground workers have announced they are to down tools on August 19 in a long-running dispute over jobs and pensions.
Economist Austin Boyd, from the Centre for Economics and Business Research, said: “This will ultimately result in a £26.27million loss in output today alone.”
The Rail, Maritime and Transport Workers union is planning similar action for August 18 and 20.
The Transport Salaried Staffs’ Association, is also striking today on the Avanti West Coast, which operates into Birmingham.
And its members propose a walkout at a number of rail firms next month on the same days as the RMT.Mr Boyd added: “When accounting for the additional two strike days, the combined output cost due to worker absences over the three days is £72.1million.”
The eye-watering expert estimation of losses factors in only worker output – a calculation known as gross value added – and does not take into account retail spending by workers.
Shop sales are likely to tumble at least £15.6million today as employees will not be splurging the cash on food, drink and other essentials.
That figure is based on analysis from the three days of strikes in June that showed a 9.3 per cent loss of weekly footfall. Such drops in sales will push businesses, still reeling from the impact of Covid, to the brink and put jobs at risk.
When additional spending is added into the mix, the total damage to the economy is likely to run into billions of pounds by the end of the summer.
Tory leadership frontrunner Liz Truss has said: “I would legislate to make sure there are essential services on our railway.
“It is completely wrong that the travelling public are being held ransom by militant unions.”
All train operators are set to be affected by the strike, whether they have an individual dispute with the RMT or not, as signallers control train movements across the UK.
Network Rail said it expects a “very limited” timetable with around 20 per cent of services running and some parts of the country left with no services at all.
It revealed a two-year eight per cent deal – with a ‘no compulsory redundancy’ guarantee and other benefits and extras – was snubbed by the RMT.
Firebrand union boss Mick Lynch hit back and said his members were “more determined than ever” to secure a decent pay rise, job security and good working conditions and will not be bullied or cajoled.
But the strike has been planned to cause maximum disruption and will affect families travelling at the start of the school holidays.
It will also hit the women’s Euro 2022 semi-final between Germany and France in Milton Keynes tonight plus the opening ceremony of the Commonwealth Games in Birmingham tomorrow.
Boris Johnson’s official spokesman said: “We are concerned about the impact this will have on the public going about their everyday lives.”
The knock-on effect is expected to spill into tomorrow as hundreds of thousands stay at home for another day as services recover.
On Saturday, the first day of the English Football League season, separate action is being taken by Aslef at Arriva Rail London, Greater Anglia, Great Western, Hull Trains, LNER, Southeastern and West Midlands Trains.