UK loses its allure and faces big investment gap

Big job: Sunak greets Sweden’s Prime Minister Ulf Kristersson outside Number 10 Downing Street. The survey underscores the challenge Sunak’s government has in reviving economic growth with a labour force that has shrunk since the pandemic. — Reuters

LONDON: The United Kingdom (UK) has fallen six places in the global economic competitiveness rankings because business leaders have lost confidence in the country, due in part to “government incompetence”.

The annual World Competitiveness Ranking from the International Institute for Management Development saw the UK plunge from 23rd to 29th out of 64 countries.