UK Needs £1 Trillion to Meet Growth Goals, London Executives Say [BNN Bloomberg (Canada)]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: BNN Bloomberg
An extra £100 billion ($130 billion) of fresh investment every year would put the country on track to achieve 3% annual growth in real wages and real gross domestic product per capita, according to a report from the Capital Markets Industry Taskforce. A litany of areas could use the extra spending, the report found. For instance, the country's target to build 300,000 new homes every year would cost as much as £30 billion, while the water industry has said it needs an additional £8 billion of investment annually. “The UK economy and its capital markets have fallen behind the US since the global financial crisis,” Nigel Wilson, former chief executive officer of Legal & General Group Plc and chair of “The Capital Markets of Tomorrow” report, said in the study. “However, there are many potential positives for the UK, and far from subscribing to ‘doom loop' thinking, we are optimists.” The report comes in the midst of a highly charged debate about London's future as a financial cent
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