Britain has ranked the worst G7 country for private investment for the third year running, new data from a left-leaning think tank revealed.
During 2022, the UK ranked 28th out of a select 31 countries for investment into the economy by private companies, with only Greece, Luxembourg and Poland behind it, the Institute for Public Policy Research revealed.
In terms of total investment, which includes cash pumped into public, household, non-for-profit and private ventures, Britain has ranked the lowest of the G7 in 24 of the last 30 years.
Economists would need to travel back to 1990 for the last time Britain's total investments matched the average of the G7 countries (Japan, the United States, Germany, France, Italy and Canada).
Ahead of the election, the think tank is urging whichever party gets elected to increase public investments in sectors such as renewables, EVs, education and healthcare.
"If the economy is an engine, then investment is its fuel. The UK’s dire productivity performance is the single biggest driver of our dire living standards," said George Dibb, director of economic research at the IPPR.
"Without resources flowing into new investment, it’s hard to see how UK economic performance can improve."