I don't assume it is because the police had been defunded. I think the reality is that it is not worth anyone's time to follow up e.g. £100 theft when the bank

I don't assume it is because the police had been defunded. I think the reality is that it is not worth anyone's time to follow up e.g. £100 theft when the bank will refund you. That could easily cost £5K+ to investigate and prosecute and if the thief doesn't really have anything, they can't get the money back anyway. I had a motorbike jacket stolen once which contained my house keys and wallet. The police found the guy and he was fined £40 or something. I lost the £100 bike jacket and had to pay around £40 to get my keys recut. Was it really worth it?