LONDON , England ( CNN ) -- UK businesses , already hurting from a recession , were counting the cost Monday of the country 's worst snowstorm in almost two decades , as a crippled transport system left commuters stranded , offices semi-deserted and airlines grounded . Pedestrians cross the Thames in front of St Paul 's Cathedral in London 's financial district . At least 20 percent of the workforce nationwide , or 6.4 million employees , failed to make it into work Monday morning , according to an estimate by the Federation of Small Businesses . But the figure was estimated to be far higher -- around 40 percent -- in London and southeast England , which is home to around a fifth of all British businesses . FSB spokesman Stephen Alambritis told CNN the cost of Monday 's disruptions would likely reach £1.2 billion ( $ 1.7 billion ) . With further snowfalls forecasted for Tuesday and Wednesday , that figure was likely to rise , he warned . `` It 's pretty bad out there and throughout the whole of the UK , '' Alambritis said . `` The blow to the economy should be lightened by the fact that people can work via internet and laptops . But what we are seeing is economic activity reduced , contracts not being signed , invoices not being sent out and meetings being canceled . '' Douglas McWilliams , Chief Executive of the Centre for Economics and Business Research warned that up to 3,000 businesses could go bankrupt as a result of short-term cashflow problems caused by the weather . `` Many of the businesses that are close to failing are in the retail and construction sectors that are likely to be most affected by the snow and transport disruption , '' McWilliams said in a statement . Alambritis said that the disruption would also damage the UK 's reputation as a place to do business and called for the government and local authorities to invest in infrastructural improvements to cope with freak weather . `` It gives the UK a bad name if there 's a bit of snow and the whole economy grounds to a halt , '' he said . `` Why is it that in Canada , New Zealand and Scandinavia they have these snowfalls and everything carries on ? '' In the City , financial markets were running at 50 percent capacity in early trading with just 120 million shares changing hands by 0910 GMT , according to David Buik of BGC Partners . But a spokesman for the London Stock Exchange told CNN later that trading had not been too badly affected , with most trading automated at the big firms . Airlines were expected to be particularly badly hit with hundreds of flights canceled or severely delayed from airports in the southeast as Heathrow and Stansted were forced to shutdown runways . Budget airline Ryanair , which operates out of Stansted , canceled more than 100 flights and said stranded passengers could book a new flight free of charge . But some businesses were enjoying an unexpected boost from the chaos . With bus and rail links down across London , taxi firms were reporting surging demand . Keith Cain , the control room manager for Dial-a-Cab , the city 's biggest taxi company , said the firm had been receiving more than 5,000 calls an hour , mostly from companies trying to get their employees to their desks . Hotels near Heathrow Airport also reported being overwhelmed by stranded passengers seeking rooms for the night .
London crippled by heavy snow ; economic cost estimated to reach £1.2 billion . Around 20 percent of employees failed to make it to work on Monday . Figure much higher in UK , southeast London , where many businesses based . Up to 6.4 million firms could go bust because of the bad weather , analysts warn .