Crime is becoming an increasingly “serious barrier” to growing Britain’s economy amid a rise in shoplifting, fraud and cyber-attacks, UK business leaders have warned cirting a report released on Sunday (May 17), calling on for decisive actions from the government.
According to a new report from the British Chambers of Commerce (BCC), theft, fraud, scams and cyber-attacks are increasingly affecting firms of all sizes and across all sectors.
The report stated that 42 per cent of UK businesses experienced some form of crime in the past year. The data reveals larger firms are more vulnerable, increasing from 32 per cent among micro-businesses to 58 per cent among firms employing more than 250 people.
The manufacturing sector is the hardest hit, with 50 per cent of firms reporting business crime.
Cyber-crime and fraud are also becoming increasingly widespread. BCC data shows that 21 per centof firms experienced cyber-attacks in the past year, while 20 per cent reported fraud or scams.
The BCC report concludes that business crime is a ‘structural constraint’ and ‘measurable brake’ on UK economic performance.
Among the actions the BCC is calling for
- A National Business Crime Strategic Assessment to properly measure the economic harm caused by crime against businesses.
- The creation of a single cyber-attack reporting system for firms, reducing administrative burdens while improving protection.
- The creation of Regional Business Crime Hubs bringing together police and Business Crime Reduction Partnerships.
- Expand cyber and fraud resilience support for SMEs and improve incentives for businesses to invest in security measures.
Ellis Shelton, Policy Manager at the British Chambers of Commerce 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. Reducing crime against business isn’t just about protecting balance sheets. It’s about removing structural barriers to growth.”