It was thought-provoking to read Polly Toynbee’s article (Where do we find the £100bn needed to fix Britain? Margaret Hodge has the answer, 30 November). Dame Margaret Hodge is spot-on to mention the “eye-watering” estimate that £350bn a year is lost through fraud and money laundering. The Home Office should make the fight against fraud and economic crime a national threat, alongside terrorism, serious and organised crime, and violence against women and girls.
Fraud accounts for more than 40% of all crime, and affects not just businesses or the economy but some of the most vulnerable members of the public. This dirty money also funds serious and organised crime, terrorism, hostile state actors and human trafficking. But only 1% of the total policing budget is spent on stopping fraud.
The government’s existing fraud strategy does not go far enough. We need a sustained funding programme and enhanced coordination between the government, law enforcement and the private sector, overseen by a minister for fighting fraud and economic crime.
Nine out of 10 victims of fraud experienced lower-level scams (but often with high impact), so local police forces should be held to account by HM Inspectorate of Constabulary and Fire & Rescue Services for their local anti-fraud responses through inspections.
Tijs Broeke
Councillor, City of London
