Investment in the UK has lagged other G7 countries since the mid-1990s, IPPR said. business

Investment in the UK has lagged behind other G7 countries, including the US and Germany, since the mid-1990s, according to a report calling on Labor and the Conservatives to reverse planned investment cuts or risk long-term damage to economic growth.

Drawing on figures from the Organization for Economic Co-operation and Development (OECD), the Public Policy Research Institute (IPPR) think tank found that the UK has ranked bottom of the G7 league for investment for 24 of the past 30 years.

OECD figures show that a lack of spending on technology and innovation by UK businesses over the past 30 years has been largely responsible for their underperformance, while public sector investment has also been below the G7 average.

IPPR's latest comparative data for 2022 shows that investment by private companies has been lower in the UK than in other G7 countries for the third year in a row. The analysis found that the UK ranked 28th among 31 OECD countries for business investment, with Slovenia, Latvia and Hungary attracting higher levels relative to the size of their economies.

Private investment includes spending on plants, plants and equipment, and technology. The G7 includes the UK, the US, France, Germany, Italy, Japan and Canada, while the OECD has 38 member countries.

The UK's poor productivity record and low levels of economic growth are widely blamed on a lack of investment.

A report by the National Infrastructure Commission last year found that investing around $30 billion a year by UK taxpayers and between $40 and $50 billion a year by the private sector would generate savings for at least 1,000 households per year on average and boost economic productivity. It will rise. And you will enjoy a better quality of life in the future.

The IPPR report said: The divergent trajectories of France and the UK, which have the second highest levels of private investment in the G7, show that the UK's poor performance is not inevitable.

In 2005, the scale of corporate investment in the two countries was the same at 11.35% of GDP. According to the most recent data (2022), France has increased its level by 3.4 percentage points, while the UK is now almost 1 percentage point lower.

Among OECD countries over the past three years, only Greece, Luxembourg and Poland ranked lower in business investment than the UK.

The think tank said Labor plans to cut the budget by less than the Conservatives but is concerned that cuts to public investment are expected whichever of the two main parties wins the general election.

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Current Conservative policy means significant cuts to public investment after the election. Although Labor has pledged to invest $4.7 billion more per year than the current government through its Green Prosperity Plan, this still means an overall decline in investment.

The turning point, according to the figures, was the severe property crash following the recession of the early 1990s and the post-Black Wednesday period when Britain was forced to hastily withdraw from the EU's exchange rate mechanism. Since then, private sector investment growth has been lower than that of all G7 countries in all but three of the 24 years.

IPPR said the next UK government must lead the way by designing and delivering high-quality public investment to ensure private sector funding can focus on industries of the future, particularly electric vehicles and renewable energy.

Likewise, creating the right conditions for growth requires public sector investment in education, infrastructure and health.

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