The punishment/deterrent for theft doesn’t seem to work well in the UK.
The punishment is a criminal record (custodial, suspended, slap on the wrist, etc) and paying back the person involved.
Here’s the problem. Most thefts go unpunished. Asking someone to pay £1000 for stealing a £1000 bike when they’ve already nicked and flogged on £10,000 of bikes makes it a great deal for the thief. Sorry for stealing it, please have it back and I’ll have another go. Have them do £10,000 of commmunity service to pay back society for the cost of thieves. Locking people up doesn’t help – it’s not a deterrent. Wearing a HMP Hi-vis jacket sweeping streets has a bigger impact imo.
Someone having a criminal record means they are far less likely to be able to secure a job. Once they’ve done their years worth of community service then it’s expunged. They made a mistake, they’ve paid their dues, let’s move on and allow them to make better choices next time.