🐱‍💻 Cyber Attacks Have Cost UK Businesses £44 Billion

📰 Industry News

• London's Smithfield meat market is set to close after more than 800 years, with trading expected to cease for good after 2028. (Sky News)

• Just Eat Takeaway is set to delist from the London Stock Exchange next month, to reduce both costs and complexity. It's another setback for the UK’s efforts to position its stock market as a hub for high-growth tech firms. (CNBC)

• Mulberry is cutting a quarter of its head office staff, as the beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses had widened. (The Guardian)

• Ted Baker has relaunched its direct-to-consumer e-commerce website for the UK after ceasing trading in August. (Drapers)

• Amazon has released its discount site Haul, with which it wants to rival Temu. All of the items sold on Haul will cost $20 or less. A US trial has launched, with a UK rollout expected at a later date. (AboutAmazon)

• UK luxury car maker Aston Martin has announced it is looking to raise cash, as it issued its second profit warning in two months. (BBC)

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🧳 Pay to Stay: Wales’ £1.25 Tourist Tax Plan

Picture this: you’re sipping a coffee on a balcony overlooking Tenby’s postcard-perfect harbour, with its candy-coloured houses and boats gently swaying in the sun. Now, imagine taking an extra £1.25 per person, per night, onto your holiday bill. That’s the reality Wales might see starting in 2027, thanks to a new tourism tax proposal.

Let’s break it down:

What’s the Plan?

The Welsh government has floated a £1.25 nightly visitor levy for those staying in hotels, B&Bs, and self-catering accommodations. Budget travellers using hostels and campsites would face a reduced 75p rate. The goal? Generate up to £33 million annually to fund tourism-related services, infrastructure, and even initiatives to promote the Welsh language.

Sound fair? Not everyone thinks so.

The Good, the Bad, and the Murky

Finance Secretary Mark Drakeford argues the levy is about fairness - after all, similar taxes exist worldwide. But as reported by the BBC, the backlash from Wales’ tourism-dependent businesses has been swift.

• Small businesses: Katherine John, running a department store in Tenby, worries the tax could scare off summer crowds her town depends on. “Footfall is everything,” she says.

• Glamping sites: Rob Izzard, who offers alpaca trekking and glamping near Tenby, fears local councils opting out could create an uneven playing field. “If a neighbouring area skips the tax, it’s a no-brainer where people will go,” he warns.

• Holiday home: Cottage owner Helen Manley Jones notes she hasn’t raised prices in years but says this tax may force her hand, potentially driving away visitors already rethinking holiday budgets.

Even Cardiff hoteliers, like Carl Kodurand, are asking one big question: “Where’s the money going?” While the funds are meant to be ring-fenced for tourism, specifics remain vague.

What’s Next?

The proposal still needs Welsh Parliament’s stamp of approval, with the earliest start date of April 2027. And there’s a twist: councils can set their own rates or opt-out entirely after a public consultation. This could lead to a patchwork of tax-free havens and high-cost hotspots across Wales.

My Verdict?

At first glance, £1.25 per person, per night doesn’t sound like much—a couple of quid added to the bill, right? But let’s do the maths: for a family of four on a tight budget, already grappling with high staycation prices, that small fee starts to feel a lot bigger. Add in rising costs across the board, and families might start eyeing up destinations beyond Wales altogether.

Then there’s the patchwork problem. Leaving it to councils to decide means visitors could be hit with different rules and charges depending on where they stay. That’s a recipe for confusion and frustration—and a sure way to drive tourists to tax-free havens in neighbouring counties. If this tax is going to work, it needs to be clear, consistent, and countrywide. Otherwise, it risks creating more problems than it solves.

💻 Cyberattacks Bleed UK Businesses of £44 Billion 

Turns out, hackers have been busy. Over the last five years, UK businesses have lost a jaw-dropping £44 billion to cybercrime, according to a report from Howden. And here’s the kicker: more than half (52%) of private sector firms - roughly 1.3 million companies - have been hit, so if you haven’t yet, don’t feel too smug.

The Ugly Stats:

1. Email? A hacker’s playground. Compromised emails led the charge, causing 20% of breaches, closely followed by good ol’ data theft (18%).

2. Defences? What defences? Only 61% of companies use anti-virus software, and just 55% have network firewalls. Why? High costs and lack of IT know-how are the usual suspects.

3. Big fish, bigger targets. Companies earning over £100 million annually are prime targets - because why go after small fry when there’s a feast available?

A Silver Lining (Sort Of):

There’s hope for those willing to invest in their defences. Howden’s report estimates that basic cybersecurity measures could save the average UK business £3.5 million over ten years. That’s a solid return on investment of 25% - better than most savings accounts!

But here’s the crux: getting businesses to cough up for cybersecurity isn’t easy. Many firms say they’re held back by cost barriers and a lack of support. Tax relief on cybersecurity investments is the top policy that UK companies think could bolster their resilience. Time for the government and insurance industry to step in, perhaps?

The Takeaway:

If your business relies on “trust” and crossed fingers to keep hackers out, it’s time to rethink. Cybercrime costs are spiralling and growing threats from both the UK and overseas, ignoring the problem won’t make it go away. Investing in actual cybersecurity isn’t just smart - it’s survival.

After all, it’s 2024: the only thing scarier than hackers is HMRC.

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