Freight crime is expected to cost the UK logistics industry a whopping £6.1bn by 2049. Cargo thefts are causing alarming costs to industry, according to research.
Consumer goods and fuel theft from lorries has been on the increase in recent years, with criminals taking advantage of inflation to target goods like alcohol and tobacco. Freight crime costs the UK economy around £250 million annually and in 2023, the estimated cost to the economy exceeded £420m.
As per the National Freight and Cargo Crime Analysis yearly report, the number of reports of HGV and cargo crime in 2023 was 5,373 – with actual figures likely to be much higher. This equated to a loss of £68.3m wholesale value in stolen goods, but the authorities put that figure at an estimated true retail value of between £680-£700m. The total cost to the industry could even go up to £7.9bn over the next 25 years when taking rising inflation into account.
Freight crime is also a growing concern. The true cost of freight crime is not just the value of goods stolen – it has immediate knock-on effects on the freight and logistics industry and wider economy, affecting companies’ viability, staff retention, and general investment in the UK.
Truck drivers are the lifeblood of our economies and ensure that the public gets what they need.
We need to encourage more people into the industry by offering a safe and secure environment for all. This highlights the need to protect drivers’ wellbeing, keeping them physically and mentally safe, alongside the financial benefits for supply chain operators and improved services for the nation.