August 10, 2005

Police expect terrorists to target financial center

by brian_turner

Police believe that terrorist attacks on London’s financial centre are inevitable. City of London Police Commissioner, James Hart, told the Financial Times that potential targets in the Square Mile have been staked-out a number of times but no arrests made. Few companies, however, have made contingency plans.

Business group the CBI said an ongoing dialogue with police has been established, but there is a need for more action to raise awareness of the threat.

Mr Hart said that although there was no specific threat against the City of London, it was an obvious target for terrorists, as an attack there would cause maximum disruption and would hurt both the government and people. In the past, the area has been attacked several times by the IRA.

The City of London police estimate that only 50% of City firms have made adequate provisions for a terrorist attack. Mr Hart said that chief executives should be more active in developing security policies. He suggested that larger firms should put “a friendly arm around smaller businesses within their shadow” as not all companies could afford sophisticated security staff.

The CBI said that insufficient time and lack of money often prevented smaller firms from developing contingency plans. It called for expert advice and tax benefits to help companies plan for emergencies.

According to business lobby group London First, 50% of companies are unprepared for an emergency and smaller companies are particularly vulnerable. It is estimated that 50% of firms that shut down temporarily in New York after September 11, never reopened.

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