Question to the Home Office:

To ask the Secretary of State for the Home Department, what recent discussions she has had with Cabinet colleagues on the impact of fraud on businesses.

Discussions with Cabinet peers are held in confidence. However, the Government takes the issue of fraud very seriously and is dedicated to protecting the public and businesses from this devastating crime.

The 2020 Economic Crime Survey showed that around 1 in 5 businesses in surveyed sectors had been a victim of fraud over a three-year period. The mean annual cost per business of all fraud incidents was around £16,000, and the median cost was £1,000. 37% of businesses that experienced fraud also reported other impacts, including on the wellbeing of their staff.

The Fraud Strategy, published earlier this year, sets out the Government’s three pillar approach to tackling this crime. We will work with industry, intelligence agencies, law enforcement, and with all partners to ensure that people and businesses have the advice and support they need.