A new report released on September 6 said that the UK needs an additional £1,000 billion (equivalent to 1,300 billion USD) in investment over the next decade to boost economic growth.
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| Britain needs $1.3 trillion to revive its economy. (Source: Getty Images) |
New British Prime Minister Keir Starmer has said he wants the economy to grow by 2.5% per year during the campaign ahead of the July 4 election.
This is a level the country has not reached since before the 2008 financial crisis.
To achieve an annual growth rate of 3%, the UK needs to invest an additional £100 billion a year for the next 10 years, especially in energy, housing and venture capital, according to a report by UK financial services lobby group Capital Markets Industry Taskforce.
The investment could come from the £6 trillion of long-term capital in the UK pensions and insurance sector, according to the report's lead author and former chief executive of Legal & General Nigel Wilson.
Mr. Nigel Wilson found that Britain has invested too little in itself for a long time, leading to a significant gap between the British economy and other developed countries in the Group of Seven (G7).
To remedy this situation, Mr. Wilson proposed that there is a need to reallocate available long-term capital domestically to promote economic growth.
The report also said the UK economy needs an additional £50 billion a year in energy investment to meet carbon neutrality targets, £30 billion for housing and £20-30 billion for venture capital.
In addition, the government should consider investment incentives, such as tax breaks for retail investors' shares. This could help increase public participation in the stock market, thereby boosting investment and economic growth.
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