Business leaders blame five systemic flaws for stalling UK growth

The Prosperity 2030 Alliance, which includes the chairs of NatWest, Diageo and National Grid, released a report drawing on the Beveridge Report’s concept of "giant evils" to diagnose current UK economic stagnation. It cites five obstacles - neglect of private investment, regulatory gridlock, tax-system discouragement, governmental myopia, and centralised powerlessness - as the main causes of sluggish growth. Chair Rick Haythornthwaite said young people increasingly doubt their prospects compared with their parents, reflecting two decades of unmet growth.

The alliance urges politicians to adopt long-term planning and invest for the 2030s rather than focusing on short-term gains. The report appears amid speculation about further tax hikes in the upcoming budget and a recent unexpected 0.4% rise in July GDP, while debt repayments continue to weigh on the economy.