CHANCELLOR Kwasi Kwarteng is under pressure to boost the economy after figures showed the UK had the lowest business investment of the G7.
They revealed that the share of private investment in UK GDP fell to 10% in 2019, the latest year for which data are available.
The figure is miles behind Japan’s 17 percent, France’s 13.5 percent and the US at 11 percent.
The Institute for Public Policy Research’s findings come even as businesses in the city benefit from the lowest corporate tax rate of 19 percent.
It raises the stakes for the chancellor as he prepares to eliminate predecessor Rishi Sunak’s planned increase to 25 percent in Friday’s mini-budget.
Mr. Kwarteng will reverse the increase in National Insurance to help struggling workers and might even take a dime off income taxes.
And he will tear up the bureaucracy to unleash the financial sector’s “Big Bang 2.0,” including removing the cap on bankers’ bonuses.
He is banking on an agenda of sweeping tax cuts to revive things.
But the IPPR’s George Dibb warned that ministers must do more than “cut taxes and deregulate the path to growth, which has previously failed”.
https://www.the-sun.com/news/6258530/kwasi-kwarteng-uk-economy-investment/ Chancellor Kwasi Kwarteng is under pressure to boost the economy after Britain announced it has the lowest level of investment in the G7