This seems kinda important.

Our deterrence is our people. But they can't deter Russia or anyone else if we aren't honest with the British people about the threats we face and the cost the Putin Tax is already having on our country.

The purpose of this report is not simply to produce a headline figure. If hostile states are costing the British economy, those costs should be measured. If billions of pounds are being lost or diverted every year, Parliament and the public deserve to know.

The Putin Tax, the economic burden associated with Russian hostile activity, is currently costing the UK taxpayer between £2bn-£2.5bn every year and it's rising.

'The Putin Tax' brings together the different costs we were able to fine: ⚠️ Cyber attacks 🛡️ Infrastructure protection 🔒 Security spending 💼 Business disruption 💪 Resilience measures 📉 Economic losses

And what I found was surprising. The UK Government records incidents and threats, but there is no routine annual estimate of total economic cost of hostile foreign state activity against the UK. In short, we're paying the bill, but nobody is calculating the total.

So I started asking the question. How much is our unconventional war with Russia and Vladimir Putin already costing the UK?

Businesses across the UK are spending more than ever on security and resilience. They're strengthening cyber defences. Training staff, protecting systems and preparing for threats. That's the right thing to do, but it comes at a cost. A cost that didn't appear from nowhere.

It's not just cyber attacks. Britain is spending increasing amounts of money protecting critical national infrastructure. 🔋⚡Energy. 📞 Communications . 🚦Transport . 🏥 Public services. They are part of the economic burden created by the hostile environment we face.

Every time a hostile cyber-attack hits a British business, is costs: 📉 Lost productivity. 📊 Lost revenue. 🛠️ Disrupted services. 🧾 Recovery expenses. When headlines disappear, economic damage remains. The bill is ultimately carried by businesses, consumers, and taxpayers.

When people think about security, they think about missiles and soldiers. But some of the biggest costs come from cyber-attacks, sabotage, hostile state activity, and the need to protect our infrastructure.

the kind of unconventional conflict we are already in with Russia, it's easy to forget that the cost extends far beyond headline incidents to include cyber-attacks, infrastructure threats, business losses and wider economic disruption

For years, we've rightly focused on the military and political threat posed by Putin's Russia. But there's another cost that receives far less attention. A hidden cost paid by British taxpayers, businesses and public services. It's called the Putin Tax. 🧵

If you’re going to promise an iron dome you better make sure it’s not an iron colander.

It's stunning this morning.