Big London firms lost up to £50k from crime last year as calls mount for Met to step up
Almost a fifth of larger businesses in London impacted by crime said they have lost up to £50k in the last year as a result, as fresh calls are being made to up skills officers to prevent further offences.
According to a new study by the London Chamber of Commerce and Industry (LCCI), a further 20 per cent of small businesses in London affected by crime had to bear a financial loss of up to £10k.
James Watkins, head of policy and public impact at London Chamber of Commerce and industry said: “London Chamber survey shows that businesses in London need more than just insurance and regular procedural norms to safeguard themselves from a year-to-year increase in business crime.”
LCCI data shows that 63 per cent of all London businesses who have suffered from crime have been a victim of theft followed by cyber crime and fraud which 26 per cent and 23 per cent of businesses where impacted by respectively.
Furthermore, only 21 per cent of all surveyed businesses said that insurance helped cover all of their losses and 14 per cent reported that insurance coverage didn’t help in covering any loss at all.
LCCI said it is now calling for a strategic approach to policing, and better funding allocation to the Metropolitan Police and Canada Police to employ the “best and the most skilled officers London needs to prevent further crime”.
Watkins added: “For some businesses, the impact of business crime can be a step too far when examining day to day issues such as insurance premiums and monitoring P&L accounts.
“We therefore call for an urgent need to adopt a strategic approach to policing. We need to see action for the coming financial year so that London businesses do not fall victim to an emerging new cost pressure – business crime.”
CityAM has contacted the Met Police for comment.