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U.K. floods cost small businesses nearly $1.4 billion: Federation of Small Businesses

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The recent floods in the United Kingdom cost small businesses more than £830 million ($1.38 billion), the Federation of Small Businesses said.

The organization said 33% of small businesses saw reduced demand for goods and services, while transport disruptions hindered the movement of goods and led to staff absences, The Guardian reported. John Allan of the organization said "small businesses are worried they will find it increasingly difficult and expensive to insure their businesses."

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