Tax cut agenda highlights weakness in UK economy

Market slowdown: The central business district in London. Business investment is around 10% of gross domestic product in the UK, the lowest of any G7 nation. — AFP

LONDON: Chancellor of the Exchequer Rishi Sunak’s plea for businesses to boost investment highlights a key weakness in the United Kingdom economy that company executives have long complained about.

Britain has fallen behind other advanced economies in the Group of Seven (G7), when it comes to the amount businesses are investing in everything from research and development (R&D) to improving technology and equipment.