Britain needs extra $1.3 trillion investment for economic growth, report says [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance
New British Prime Minister Keir Starmer said he wanted the economy to achieve annual growth of 2.5% when campaigning in the run-up to July 4's election - a rate that Britain has not regularly reached since before the 2008 financial crisis. An annual growth rate of 3% would require extra investment of 100 billion pounds a year in the next 10 years, particularly in energy, housing and venture capital, according to the report from UK financial services lobby group Capital Markets Industry Taskforce. The investment could come out of the six trillion pounds in long-term capital in Britain's pensions and insurance sector, the report's lead author Nigel Wilson, former boss of Legal & General, told Reuters. "We've underinvested in the UK for such a long time, there's a massive gap between the other G7 countries and ourselves," he said. "We have the long-term capital in the UK, it needs to be reallocated." The British economy needs an extra 50 billion pounds annually in energy inves
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