Report: Britain's soft approach to crime costs economy up to £250 billion annually

Key Takeaways:

A report from the Policy Exchange think tank warns that Britain's lenient stance on crime is causing significant economic losses, amounting to £250 billion per year.

The total cost of crime includes £38 billion to businesses, with shoplifting and theft being the most impactful offenses.

Former Home Secretary Sajid Javid supports tougher measures, such as increasing prison capacity and deporting foreign offenders, to address the issue.

Economic Impact of Crime:

The report highlights that crime costs the economy around ten per cent of GDP annually, with direct crimes amounting to roughly £170 billion.

Individuals bear a burden of £63 billion from crimes like theft and violence, while businesses face a cost of £38 billion, primarily from shoplifting.

Public sector crimes, such as fraud, account for £31 billion, while "victimless crimes" like drug use cost £15 billion.

Call for Tougher Measures:

The authors of the report advocate for stricter actions to deter criminals and combat the rising crime rates, including harsher sentences and increased prison capacity.

Shoplifting has increased by 51 per cent, robberies by 64 per cent, and knife crime by 89 per cent in the past decade, indicating a pressing need for intervention.

Political Response:

Former Chancellor Sajid Javid emphasizes the importance of restoring trust and the rule of law to ensure societal well-being and economic growth.

Former Bank of England chief economist Andy Haldane views the report as a "wake-up call" for all political parties to address the escalating economic costs of crime.