Not quite enough
It should be up to £500k per breach. Which would mean "per record". So if you lose a laptop with 1,000 records on it; that's a fine of £500,000,000. Which is, quite simply, bankruptcy and the company going under.
THAT should focus the minds of the CEOs, CIOs and COOs into actually DOING THEIR JOBS.
If, of course, the board members have ensured that all removable media/devices are properly encrypted (or that data can't be taken off-site, period) and that staff are trained in maintaining data security; then any breach would only receive a minimum penalty (if any at all).
However, this is the ICO and Labour are still in power (and very friendly with big business). Another bunch of toffs are about to come in and shaft the public again with their corruption; so nothing will actually happen and we will continue to get screwed over by these arseholes.
Plus ca change.