Experts have warned that England's exit from the Rugby World Cup is a "disaster for business" -- and could see a £3.5B ($5.3B) loss to the country's economy, according to Jeremy Armstrong of the London DAILY MIRROR. The wheels "came off the home nation's sweet chariot in the disastrous 33-13 capitulation to Australia." It was "grim news not just for millions of rugby fans, but for pubs, clubs, shops and restaurants around the country." It was billed as the "half a billion pound match" in terms of the predicted revenue for the hospitality industry, if England "could have pulled off victory to stay in the tournament." Federation of Licensed Victuallers Association Dir Martin Caffrey said, "This will see a massive loss of business. England games are a big, big bonus for our members because people come in to watch the games." London Business School economic expert Alex Edmans calculated that England's elimination from the rugby version could wipe £3B ($4.6B) off share values on Monday. Edmans, who has studied the impact on the stock market of elimination from major sporting tournaments, said, "A lost competition can have a profoundly negative effect on investor mood." The British Beer & Pub Association, which counts 40% of U.K. pub companies and brewers among its members, "is hoping that overseas visitors will keep sales ticking over." ITV is another big loser, with England games reckoned to be worth around £1M ($1.5M) each in added advertising revenue. It paid £60M in '10 for the rights to televise the tournament -- before England was drawn in the "group of death" with the Aussies and Wales (DAILY MIRROR, 10/4).
