Tuesday newspaper round-up: Investment in the UK, London productivity, EPC
Investment in the UK has trailed other G7 countries including the US and Germany since the mid-1990s, according to a report that urges Labour and the Conservatives to reverse planned cuts to investment or risk long-term damage to economic growth. The Institute for Public Policy Research (IPPR) thinktank found the UK was bottom of the G7 league for investment in 24 out of the last 30 years, using figures from the Organisation for Economic Co-operation and Development (OECD). – Guardian
The consumer group Which? has called for an overhaul of the energy performance certificates (EPC) system after an investigation found assessments riddled with inaccuracies and unhelpful advice that could cost homeowners thousands of pounds. The investigation, which included Which? securing EPC assessments for 12 homeowners, found in one case an assessor had failed to mention a property’s solar panels or wood burning stove in their final assessment, while the cost of upgrades recommended to another owner would not have been recouped for 29 years. – Guardian
London is dragging down Britain’s productivity growth as office staff continue to work from home, new figures show. Productivity in the capital tumbled in 2022, according to the Office for National Statistics, taking output per hour worked – a key tool to measure each employee’s efforts – to its lowest level since 2009. London’s productivity dropped by 2.7pc between 2019 and 2022, the ONS said, with Wales the only other region to fall. – Telegraph
Britain has failed to improve on its disappointing record for business investment after ranking lowest among the G7 nations for a third consecutive year. According to new analysis by the Institute for Public Policy Research, Britain came bottom of the league table of the group of seven leading economies in terms of investment by private companies in 2022. It was 28th out of 31 countries in the Organisation for Economic Co-operation and Development, with only Greece, Luxembourg and Poland below it. – The Times
A Labour government risks fuelling inflation and job losses with its plan to introduce a “genuine living wage” for workers, economists at HSBC have warned. Sir Keir Starmer’s party has pledged to overhaul the remit of the Low Pay Commission, the independent body that advises the government on the national minimum and living wages, to ensure that it considers the cost of living when it makes its recommendations. – The Times