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Crime increasingly a ‘serious barrier’ to UK growth, say business leaders
TL;DR
UK business leaders report that rising crime, including shoplifting and cyber-attacks, is a major barrier to economic growth. The British Chambers of Commerce urges the government for increased support to combat these issues.
Key points
- Rising crime is a barrier to UK economic growth
- 40% of companies faced crime in the past year
- 20% of firms reported fraud or scams
- 21% experienced cyber-attacks
- BCC calls for government support
Mentioned in this story
British Chambers of Commerce
UK business leaders have warned that crime is becoming an increasingly “serious barrier” to growing Britain’s economy amid a rise in shoplifting, fraud and cyber-attacks against companies.
The British Chambers of Commerce (BCC), which represents tens of thousands of businesses across the country, called on the government to provide “a step change in the support businesses can count on” as it said two-fifths of companies had experienced some form of crime in the past year.
Warning that decisive action was required, it said a fifth of companies in a survey of 1,411 firms had faced fraud or scams. As many as 21% said they had experienced cyber-attacks.
Ellis Shelton, a policy manager at the BCC, said tackling crime would help remove “structural barriers to growth”.
He said: “Crime against business is now a serious barrier to growth and investment across the UK.
“Our research shows many firms are dealing with rising levels of theft, fraud and cyber-attacks. Bosses are being forced to divert crucial time and money to tackling this anchor on growth.
“Crime is becoming more sophisticated and there needs to be a step change in the support businesses can count on.”
The organisation said the government should create a cyber-attack reporting system for companies; establish regional business crime hubs that would bring together police and business crime reduction partnerships; and expand cyber and fraud resilience support for small and medium-sized businesses. It also called for more incentives for companies to invest in security.
There were a string of high-profile cyber-attacks against businesses in the UK last year, including Marks & Spencer, the Co-op, Jaguar Land Rover and Booking.com.
It has been estimated that the hack of JLR alone cost the UK economy £1.9bn, potentially making it the most costly cyber-attack in British history.
M&S said it took a £324m hit to profits after being forced to close its website to orders for more than six weeks after a damaging hack.
At the other end of the scale, tradespeople have warned of a rise in tool thefts, which can hit their ability to do business.
Q&A
What types of crime are affecting UK businesses the most?
UK businesses are primarily facing issues with shoplifting, fraud, and cyber-attacks.
How many UK companies have experienced crime in the past year?
Two-fifths of UK companies reported experiencing some form of crime in the past year.
What is the British Chambers of Commerce's stance on crime and economic growth?
The British Chambers of Commerce believes that crime is a serious barrier to growth and investment in the UK and is calling for government action.
