"Recent snow-related disruption was likely to have a measurable adverse effect on growth in the first quarter, although it was difficult to quantify the precise extent of this," the Bank of England has said.
Economic forecasters have revised their estimate of headline GDP growth from 0.4 percent to 0.3 percent, "after incorporating an initial judgement on the impact of the snow-related news," the Bank's Monetary Policy Committee (MPC) said.
Clothes company Ted Baker has also issued a warning of tough months ahead after the weather and online grocery store Ocado has blamed the Beast from the East for knocking US% 2.1 million (£1.5 million) off its profits due to slower road speeds, fewer delivery slots and distribution sites cut off.
Ted Baker sinks 7% despite pretax profit lifting 12% yoy from GBP61m to GBP69m and 12% dividend hike. However outlook challenging #Retail— stealth trader (@_stealthtrader) March 22, 2018
Ocado reported that heavy snow brought to the UK by the “Beast from the East” weather event lost it around 1% of first-quarter revenue, although sales still rose 11.7% to £363m.— GD Retail News (@GD_Retail_News) March 21, 2018
Storm Trooper Trilogy
However Britain hasn't seen the last of the so-called 'Beast from the East' with two more Arctic blasts predicted to hit the UK. Weather forecasters are predicting a 'white Easter' which means many people living in Britain are turning to social media to continue talking about their favourite topic, the British weather.
Breaking News!! Spring has been cancelled!! winter to last till May!!#iceage But seriously I have been studying the weather for a long time this Winter and Spring is one for the history books. cold wave after another and now #BeastFromTheEast3 pic.twitter.com/UJADtKnvsP— METJEFFUK (@metjeffuk) March 20, 2018
There are a few doom-mongers on here & other sites claiming #BeastFromTheEast3 will land at Easter causing more snow & ice across the nation. Really? I didn't know snow fell in temperatures of +5°C to +12°C. Calm down dears, it's not likely to be a #WhiteEaster (BBC Weather App) pic.twitter.com/32JtbBPTPl— John Dunne ♿ (@safc4ever) March 22, 2018
— John Dunne ♿ (@safc4ever) March 22, 2018
So apparently we're STILL not done with all this cold weather and there's more on the way next week! Surely we all deserve a bit of sunshine now? #ThursdayMotivation #BeastFromTheEast3 #SmallBiz pic.twitter.com/CrrEYQvyKN— Block 8 Digital (@Block8Digital) March 22, 2018