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German business representatives are urging the new British government to make significant investments, stating that the UK has an ‘investment backlog.’
Bernd Atenstaedt from the German Industry UK lobby group told dpa that he hopes Prime Minister Keir Starmer’s new Labour government would expand infrastructure, improve education, and reduce bureaucracy.
The centre-left Labour Party won the UK election on Thursday, replacing the Conservative Party, which had been in government for 14 years.
Atenstaedt emphasized the need for better school education and long-term dual vocational training, noting a severe shortage of skilled workers, especially in the engineering sector.
He called for a modern, long-term national economic strategy for urgently needed investment. ‘This includes unlocking innovation, increased digital acceptance, automation and artificial intelligence,’ he said.
According to a survey conducted by the German-British Chamber of Industry & Commerce (AHK), the shortage of skilled workers is one of the biggest challenges facing German companies in the UK.
Ulrich Hoppe, who heads the AHK in London, pointed out a significant ‘investment backlog’ and is urging the new government to prioritize investments.
‘The country must return to a path of real growth, especially after Brexit,’ he said.
He pointed out a noticeable decline in the UK’s economic power since leaving the EU and expressed concern that despite recent slight economic growth, per capita income remains stagnant.
Hoppe criticized the lack of economic vision in the new government, stating that new ideas are needed post-Brexit and post-pandemic. He questioned whether Labour would find the courage to tackle new initiatives.
source: dpa
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