Failure to qualify for World Cup could cost England 2 bn pounds

England's failure to qualify for the 2014 football World Cup could cost the British economy up to two billion pounds.

The FA has been warned of a commercial "disaster" if the country's campaign fails, with losses of up to 50 million pounds in potential prize cash, merchandising sales, and sponsorship deals, reports Xinhua.

But this would be dwarfed by the knock-on effect for the broader economy -- pubs, supermarkets, airlines, bookmakers and TV retailers could expect a huge boost in revenues from England's participation in the World Cup.

The British Retail Consortium Tuesday estimated that qualification to the 2010 World Cup in South Africa was worth a billion pounds. However, some economists say the "feel good" factor generated if England have a good run could boost the value of qualification to two billion pounds.

England were held to a goalless draw in Tuesday night's away game to Ukraine but still lead Group H with two games remaining.