City of London Backs New Fraud Strategy with £600m Investment in Justice Hub
Senior officials at the City of London Corporation have welcomed the government’s new Fraud Strategy, outlining a £600 million investment programme designed to bolster the UK’s response to economic crime. Launched today at Guildhall, the strategy has been described by Commissioner of the City of London Police, Pete O'Doherty, and Chris Hayward, Policy Chairman at the City Corporation, as a "major step forward" in combating a crime that "devastates lives and undermines the UK’s economic security."
Background and Context
The City of London Police, designated as the National Lead Force for fraud, occupies a central role in the UK’s law enforcement landscape. While the Square Mile has a resident population of only 8,000, it supports a daily workforce of approximately 678,000 within a globally significant financial hub. According to the City of London Corporation, the financial and professional services sector in the City contributes £110 billion in tax receipts—accounting for 12% of the UK’s total tax take and hosting one in five of the country’s financial services jobs.
Data from His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) places the City of London Police amongst the highest performing forces in the country. Officials point to an effective crime rate of 0.01 per capita per year, significantly lower than surrounding boroughs, alongside a positive outcome rate that exceeds the national average.
Key Figures and Entities
The response to the government strategy is being led by Commissioner Pete O'Doherty and Policy Chairman Chris Hayward. In their joint statement, they emphasized the force's "specialist expertise" and "national reach" as critical assets in the fightback against fraud and cyber-crime. The City of London Police maintains that it is uniquely positioned to handle the entire spectrum of economic crime, from initial reporting through to prosecution and victim care—a capability they state does not exist elsewhere in the policing system.
The force also leverages distinct relationships with the private sector, which officials describe as essential for "industrial-scale crime prevention." These connections are facilitated by the Corporation’s governance of the Square Mile, the geographic heart of the UK's financial industry.
Legal and Financial Mechanisms
To support the enhanced strategy, the City of London Corporation is underpinning the police force’s capabilities with significant capital investment. The cornerstone of this effort is the £600 million Salisbury Square development. Funded entirely without taxpayer contribution, the project will deliver a state-of-the-art policing facility and a new justice quarter. Due for completion next year, the site will feature 18 new courts dedicated to prosecuting economic crime, aiming to expand capacity across the criminal justice system and improve outcomes for victims.
Financial records indicate the Corporation also provided a £13.2 million contribution to the development and launch of the new Report Fraud service. It has committed a further £2.5 million annually for the service’s running costs. Additionally, the Corporation provides £37 million per year in revenue funding and benefits in kind, including free accommodation, to support the City Police’s local and national functions.
International Implications and Policy Response
The integration of a new policing headquarters with specialized courts within the Salisbury Square development is intended to reinforce the UK’s global leadership in legal and financial services. By centralizing the expertise of the National Lead Force within the financial district, the government and the City Corporation aim to close regulatory gaps that have historically allowed complex fraud to proliferate. Officials argue that maintaining the security of the Square Mile is a vital precondition for attracting inward investment and driving broader economic growth.
Sources
This report draws on public statements and press releases from the City of London Corporation, data from His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services, and official documentation regarding the Home Office Fraud Strategy.
