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UK needs £1tn of investment to meet growth targets, City warns
The Guardian
|September 06, 2024
The UK needs £1tn of fresh investment over the next decade if the government is to have any success in hitting its economic growth targets, a City taskforce has warned.
The Capital Markets of Tomorrow report, led by City veteran and former boss of Legal & General Sir Nigel Wilson, said that to achieve at least 3% annual growth, Britain would have to attract about £100bn of investment a year, shared between key sectors.
It includes £20-30bn towards the housing stock, £50bn for the energy sector and £8bn for water projects. It also calls for £20-30bn worth of venture capital for growing companies beyond the startup stage that need sustainable funding to expand.
The report said the challenge was to make the UK "a competitive market in which to invest". While initiatives to boost investment in infrastructure and companies were under way, it stressed the government and regulators needed to be focused on creative opportunities and incentivising investors. "The global pitch needs to be levelled," it said.
This story is from the September 06, 2024 edition of The Guardian.
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