Britain needs 1 trillion pound in order to stimulate the economy
Britain needs 1 trillion pound in new investment over the next decade to boost its economic growth, according to a new report by Sir Nigel Wilson, one of London’s most prominent businessmen.
The report, titled “Capital Markets of the Future” was published on Friday and is being led by a working group of capital markets experts, chaired by Wilson, the former chief executive of Legal & General Group.
The report was launched at a high-level meeting of executives, investors and government ministers at the London Stock Exchange.
It aims to discuss London’s future as a global financial center, particularly in light of the challenges posed by chipmaker Arm Holdings’ decision to float in New York rather than the London Stock Exchange.
The report stresses the need to attract 100 billion pound a year in new investment, totaling 1 trillion pound over a decade, to achieve sustainable economic growth.
It notes that Britain’s capital markets have lagged behind those of the US since the global financial crisis, calling for reforms to make the UK competitive with other global financial centers.
Despite the economic challenges and weak growth facing Britain, Wilson confirms in his report that he remains optimistic about the country’s future, pointing to the possibility of achieving 3% annual growth in wages and real GDP per capita.
