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Britain needs £1 trillion of investment to start growing again - report

Published 06/09/2024, 11:25
Updated 06/09/2024, 11:40
© Reuters.  Britain needs £1 trillion of investment to start growing again - report
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Proactive Investors - Britain needs £1 trillion of investment to stand any chance of growth recovering, claims a new report from a group of City heavyweights.

Titled ‘Capital Markets of Tomorrow’, the report urges extra spending across a range of sectors for a decade to enable the UK to catch up with other countries.

Led by former L&G boss Nigel Wilson, the think-tank says infrastructure such as water, energy and housing requires £100 billion a year, with a further £20 billion at least earmarked for venture capital.

“In the UK, we have world-class universities and the potential to create large technology-driven growth businesses in areas such as renewables, financial services, AI, Quantum Computing and Life Sciences,” said the report.

“But the UK hasn’t developed an Apple (NASDAQ:AAPL) ($3.4 trillion) or a Microsoft (NASDAQ:MSFT) ($3 trillion). Indeed, each of these companies has a market capitalisation bigger than all of the FTSE 100 combined.

“The challenge is therefore to make the UK a competitive market into which to invest.”

This includes more “patriotic” investment by major City institutions into UK companies; a cultural change to restore Britain’s risk-taking entrepreneurial mindset; and persuading British individual investors “to rediscover the share ownership habit”.

“There has never been such a large amount of money globally available and seeking investment opportunities,” Wilson added

“The UK is fortunate in that we have £6 trillion of long-term capital within our pension and insurance industries. In other words, the supply of capital for growth is available.”

Read more on Proactive Investors UK

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