Local sources from United Kingdom: BBC.com, BBC.com.
UK coverage: BBC.com.
Investment levels in the UK remain among the worst of the world’s richest nations and unless they improve it is hard to see how the economy will grow, a think tank has said. The Institute for Public Policy Research (IPPR) has highlighted the consistently low investment levels in the UK compared to other G7 countries over the past three decades. According to data from the Organisation of Economic Co-ordination and Development (OECD), the UK has consistently had the lowest level of investment among the G7 countries for the past 30 years. The IPPR is calling for the government to commit to an industrial strategy and end the inconsistency in policy to boost private company investment. Dr George Dibb, associate director for economic policy at the IPPR, warns that without increased investment, it is difficult to see how the UK’s economic performance can improve.
In related news, an online fashion retail company, MandM Direct, has announced its plans to establish its new headquarters in a former Debenhams store in Hereford Old Market. The move comes after the Debenhams store closed down in 2021, leaving the building vacant for three years. MandM Direct will occupy two floors of the building and relocate over 300 employees from Leominster. This relocation is expected to provide a £1 million boost to the local high street and presents an opportunity to invest in the city. The move by MandM Direct demonstrates the potential for private company investment to contribute to economic growth and revitalization.
The IPPR’s call for increased investment aligns with the concerns raised by the think tank regarding the UK’s economic performance. The low investment levels in the UK compared to other G7 countries have hindered economic growth and productivity. The IPPR emphasizes the importance of investment in boosting productivity and economic output, which in turn can lead to higher wages and living standards. The think tank highlights that the UK’s dire productivity performance since the 2008 financial crisis is a significant factor affecting living standards. Without resources flowing into new investment, it is challenging to see how the UK’s economic performance can improve, warns Dr Dibb.
The government’s commitment to an industrial strategy and a consistent policy approach is crucial in encouraging private company investment. The IPPR’s call for the government to address the inconsistency in policy reflects the need for stability and certainty for businesses to make long-term investment decisions. By providing a conducive environment for investment, the government can support economic growth and job creation. The move by MandM Direct to establish its headquarters in the former Debenhams store is a positive example of private company investment contributing to local economies and high streets.
In conclusion, the IPPR’s findings regarding low investment levels in the UK highlight the need for urgent action to boost economic growth. The government’s commitment to an industrial strategy and a consistent policy approach is crucial in encouraging private company investment. The move by MandM Direct to establish its new headquarters in a former Debenhams store demonstrates the potential for private company investment to revitalize local economies. With increased investment, the UK can improve its economic performance, productivity, and living standards.
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