More long-term investment is needed in the UK economy Labour will say today as business leaders meet to discuss an independent review on overcoming short-termism in British business.
Ed Balls and Chuka Umunna are taking part in a seminar, hosted by the London Stock Exchange and Sir George Cox to discuss the findings of Sir George’s review for the Labour Party. They will also reveal figures on the UK’s poor record for long-term investment.
According to analysis by the House of Commons Library the UK has the lowest rate of investment as a share of GDP of any G8 country. And while most G8 countries have increased investment as a proportion of national income since 2010, the UK has seen the biggest fall of any G8 country other than Italy.
Ed Balls MP, Labour’s Shadow Chancellor, said:
“Today’s meeting with business leaders will discuss how we can take forward Sir George Cox’s report and create the more long-termist economy Britain needs to succeed in the coming decades.
“Britain has a poor historical record on investing for the long-term but things have got worse not better over the last three years. Since 2010 we’ve seen the biggest fall in investment as a share of national income of any G8 country other than Italy.
“Alongside action now to ensure we have a strong and sustained recovery – as the IMF called for yesterday - we need long-term reforms to make our economy stronger, more balanced and better able to attract new investment and create skilled jobs for the future.”
<img alt="Chuka Umunna" src="uploads/thumbs/M_47540341-44f4-0184-2d30-22f9ed94e4d3.jpg" style="float:right; border="/>
Chuka Umunna MP, Labour’s Shadow Business Secretary, said:
"The fact that Britain has the lowest rate of investment in the G8 highlights the impact of short termism on British business and the pressing need to tackle it. That's why Sir George Cox's recommendations, submitted in his report to the Labour Party earlier this year, are so significant.
"Labour is working alongside Britain's business leaders towards an economy which is focused on sustainable, long-term success, helping us better compete in the world. The discussion which Ed and I are leading today at the London Stock Exchange on Sir George's recommendations is a key part of this wider engagement."<div>