terrorist threat to commercial sector
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