UK High Streets have been in decline since the spread of the internet. But the risk for insurers of retail premises is increased in areas where a blind eye is turned towards money laundering operations. It has to be good for insurers and consumers alike if standards are enforced across the retail sector. Here’s the word;
The Chartered Trading Standards Institute (CTSI) welcomes reports that HM Treasury seeks to clamp down on dodgy shops on UK high streets as part of the upcoming Budget, but warns that Government action is needed to empower agencies to effectively address the threat.
Trading Standards is concerned that the impact of serious and organised crime is drastically adding to the workloads of local trading standards services, and diverting much needed attention and support for legitimate businesses and other competing priorities. Such criminality on our high streets has a serious impact on the safety of products sold in communities across the UK, it undercuts legitimate businesses, and deprives the Government of tax receipts that could help fund vital services. Trading Standards conduct market surveillance and enforcement activity for more than 300 pieces of legislation that protects consumers, promotes effective competition, and drives economic growth.
CTSI is urging HM Treasury to invest in Trading Standards to send a clear message to the criminals in high street shops up and down the UK that their illegal actions will be uncovered and action taken by the agencies, including the police. The work of Trading Standards has consistently evidenced an extraordinary return on investment: with every £1 invested in Local Authority Trading Standards services preventing a minimum of £11 of consumer detriment.
Trading Standards services ensure a level playing field for businesses by preventing unfair practices like fraud, misrepresentation, and counterfeit goods that undermine legitimate businesses. This provides confidence for consumers to fully engage with the economy, attracts investment, drives innovation, and encourages growth.
John Herriman, Chief Executive of CTSI, said “In a recent member survey, the threat of serious and organised crime on our high streets was identified as the number one threat impacting on members’ ability to do their job. Effectively disrupting such criminality will take a resourced, targeted, and sustained focus involving multiple enforcement agencies. I urge HM Treasury to seize the opportunity in the upcoming Budget to invest in the Trading Standards profession to support a clamp down on criminality within high street shops across the country, and to help protect legitimate businesses who are trying to grow, which in turn supports economic growth in the UK.”
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