A Union Jack flag flies above the London Eye in London, Britain, September 11, 2017. REUTERS/Hannah McKayto the Bank of England. But the country’s malaise runs deeper than a cyclical contraction. Since 2008, the UK has suffered a sharp slowdown in productivity. To remedy that, Prime Minister Rishi Sunak will need to take unpopular measures.
Plugging the gap requires better education and workforce training. The country also needs to boost investment in new technologies, like automation in manufacturing. In 2021, gross fixed capital formation, a measure of investment, accounted for 17% of UK GDP, compared to 24% in France and 21% in the United States, according to the World Bank. To reach the average level of other G7 nations, Britain would need an extra 115 billion pounds a year of annual investment.
To pay for such incentives, Sunak could tax wealth. Private wealth has risen from three times GDP to nearly eight times since 1965, yet state taxes on property, capital gains, inheritances and financial transactions have flatlined at around 2% of GDP, according to the Resolution Foundation. Doubling them would raise 45 billion pounds.
Productivity, but do you produce first :D
Smarter taxes? 😂 Sounds cool, like 'trust the science'.
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