Geoff Tily at the TUC has done some fascinating research into investment in OECVD member states. As he shows, for 2014, total capital investment in the UK was 16.6% of GDP; the average across all OECD countries was 20.8%. On this basis the UK is in third to last place, ranking 33rd out of 35 countries, with only Greece and Portugal investing less.
The figures are drawn from the main OECD annual national accounts database. They are overall pretty damning, but most especially on transport:
Here we are actually ranked the lowest in the OECD, being so far below average it is ridiculous.
I recommend the whole report. The need is obvious: we need to invest. And we need to do so now. That is why I created the logic of Green or People's QE. As the world heads for an uncertain place we need it, badly. It's a shame that labour no longer says so.
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How interesting that Chile, arguably the first neoliberal state, is now the heaviest spender on transport and in the top ten for capital investment.
UK = basket case economy
If transport also includes highway and road maintenance then I’m not surprised at this figure, Richard. Never did I think I’d witness roads in the UK of a standard that you see in countries like Bulgaria, but they are becoming routine now. Or at least they are in counties away from London and the SE of England. Mind you, when we’re all travelling on HS2 it won’t matter will it!
All this Green / Co2 nonsense was bound to impact investment in transport – airports, roads etc etc
Oh dear. You really don’t get it do you?