Crime is costing companies in the UK �18.8bn a year but not enough is being done to tackle it, business groups have warned.

The British Chambers of Commerce (BCC) said tougher sentences and performance targets for police were needed to bring levels down.

It said businesses were twice as likely as individuals to be victims of crime, which is costing companies an average of �5,000 a year.

"Business crime destroys communities, kills jobs and wrecks lives," said Anthony Goldstone, President of the BCC.

'Hidden crime

"Business crime is not a victimless crime and until Government begins to take it seriously, more businesses will fail."

Home Secretary David Blunkett, who will address the BCC's national conference in London on Tuesday, was urged to tackle the "hidden crime".

The BBC survey was based on the responses of 2,914 members last year spread throughout the UK.

According to the report, 58% of respondent businesses have been a victim of crime in the last 12 months.

The most cited crimes affecting businesses are vandalism and burglary, reported by 27% of respondents.

Researchers found that 3% of businesses experienced costs of crime over the last year in excess of �100,000.