terrorist threat to commercial sector

1678 words 7 pages
How real do you think the terrorist threat is to the commercial sector? Explain and justify your opinion
In my opinion the terrorist threat to the commercial sector is a very real one which should not be overlooked. The commercial sector within the UK consists of a multitude of different industries that as a whole make up the UK economy, each industry conducts its business and trade by relying on the other to fulfill its supply and demand which is turn provides consumer confidence, that in itself is what the economy is based on which makes it susceptible and vulnerable whenever there is disruption to a sector
So what is the definition of terrorism, they are many varied descriptions and ideas of what people have labelled as terrorism, for
…show more content…
Almost 3000 people were killed in four separate attacks and many more injured. The LCCI quote from the Century Foundation report: Economic Impact of Terrorist Attack 2002 (LCCI, 2005) which estimated that the economic impact of the attacks could reach as much as US$ 83 Billion over the longer term. Over 14500 businesses were forced to close or destroyed following the attacks. The city finance department expected to lose US$200 million in tax revenues alone, Hotel bookings were also down by 19%. The Century Foundation further stated that up to US$13 Billion would be lost by the Tourist Industry and 25000 jobs would be lost.
This also had a huge ‘knock on’ effect in the UK also, not only was significant trade and commerce lost through international trade, confidence throughout was also lost and cities across the UK began to draw up measures to protect themselves against an attack. In what has been called the ‘Terrorist Tax’, cities in the UK felt the need to draw up precautionary measures for dealing with the impact of a terrorist attack (LCCI 2005).
The attacks that occurred in London on 07 July 2005 had a huge short term impact on the commercial sector of the UK. Disruption to the transport system was a major factor. Interviews were conducted with various companies by the LCCI and that provided evidence that consumer confidence was low and that many had chosen to avoid travelling to the cities tourist

Related

  • How Real Is the Terrorist Threat
    1635 words | 7 pages
  • Cmgt 400 Week 2 Common Information Security Threats
    1028 words | 5 pages
  • Commercial Liens - a Potent Weapon
    32369 words | 130 pages
  • Deceptive Commercial Speech and Advertising
    1028 words | 5 pages
  • The History and Structure of the Travel and Tourism Sector
    9252 words | 38 pages
  • Impact of the Financial Crisis on Banking Sector
    2016 words | 9 pages
  • JSB Market Research : Commercial Drones Market by Type, Technology, Application & Geography - Global Forecast to 2020
    3547 words | 15 pages
  • External Analysis: the Identification of Opportunities and Threats
    3167 words | 13 pages
  • “Role of Crm in Telecom Sector”
    5341 words | 22 pages
  • Logistics in Pharma Sector
    3363 words | 14 pages