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(Bloomberg) — The UK should go further to attract private investment into British assets, according to a City of London Corporation report that highlighted £150 billion ($204 billion) in unmet funding needs over the next five years.
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The financial district’s governing body on Tuesday pointed to a £15 billion yearly gap in capital that smaller companies need to expand, as well as a similar shortfall in infrastructure investment.
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“The cost of inaction is measured not just in missed opportunities, but in lower productivity and slower growth,” said Chris Hayward, policy chairman of the City of London Corporation.
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Hayward called for a clearer pipeline of infrastructure opportunities for investors as well as more measures to steer pension capital into UK equities, following the example of Canada and Australia.
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The City said the Labour administration had already made progress by pushing pension funds to funnel money into UK assets such as infrastructure. It’s also developing an investment hub to match up global funds with British projects.
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The report comes as Labour tries to stoke the UK’s negligible economic growth, ahead of an Autumn Budget that economists widely expect to hike taxes to fill a fiscal hole.
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A recent reshuffle has put new ministers in charge of encouraging investment, just over a year after the party took power. Poppy Gustafsson, the minister for investment, was replaced by businessman Jason Stockwood earlier this month. Meanwhile, Lucy Rigby became City minister after Emma Reynolds moved to environment secretary.
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