The UK has had the lowest level of investment in the G7 for 24 of the past 30 years, according to research by the Institute for Public Policy Research.
The analysis, which used the latest data sets provided by the Organisation for Economic Co-operation and Development (OECD), showed that the flow of new investment into the UK has also been the lowest of any of the world’s most advanced economies for three years running.
Business investment by private companies was also lower in the UK than any other G7 country in 2022.
The G7 is a group of seven major economies, also incorporating the US, Canada, France, Germany, Italy and Japan.
The analysis also shows that the UK ranked a lowly 28th for business investment out of 31 OECD countries in 2022.
The last time the UK was 'average' in the G7 for total investment was in 1990.
If the UK had maintained an average position over the past three decades, there would have been an additional £1.9 trillion ($2.4tn) worth of investment into the country (in real terms).
It suggests that the country is not attracting as much business investment, as a percentage of gross domestic product (GDP), as its international peers.
Furthermore, total investment across the whole economy – including from the government, corporations and households – has remained lacklustre, according to the IPPR.
“If the economy is an engine, then investment is its fuel," Dr George Dibb, associate director for economic policy at IPPR, said.
“The UK’s dire productivity performance is the single biggest driver of our dire living standards.
“Without resources flowing into new investment, it’s hard to see how UK economic performance can improve.”
Nevertheless, incomplete data for 2023 suggests that the UK has edged its way out of the bottom spot, with the level of private investment overtaking Canada during the year.
Furthermore, the UK is heading towards a general election and leading political parties have beefed up promises to grow the economy in a bid to win over voters.
The Labour Party says its “first mission” for government is to kick-start economic growth, with plans including a strategic partnership with businesses and reforming the planning system to build new homes.
The Conservative Party, in their manifesto, say economic growth will come from measures such as cutting taxes, rather than increasing borrowing or reducing spending on public services.
The IPPR said the UK can encourage greater business investment by developing a “green industrial strategy” which “seeks to remove barriers to growth, creates business and regulatory certainty, and solves co-ordination problems across the economy”.
Dr Dibb said it is down to the government to take the lead and “show businesses that the UK is the secure, sensible and stable place to invest”.
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2) Smishing
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3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
On sale: now
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
