UK Economy Stifled by 'Five Giants': Neglect, Gridlock, Discouragement, Myopia, Powerlessness

A group of business leaders has warned that the UK economy is being held back by 'five giants': neglect, gridlock, discouragement, myopia, and powerlessness. The Prosperity 2030 Alliance, which includes chairs from FTSE 100 companies such as NatWest and Diageo, made this dire warning in a report assessing the main challenges facing the UK economy.

The report drew on the famous Beveridge Report of 1942, which identified five 'giant evils' to overcome in post-war society. The Alliance's chair, Rick Haythornthwaite, said that today's giants are solvable, but only if politicians start investing and planning for the future.

The report highlighted a lack of investment from the private sector amid poor choices by the Government, leading to neglect. It also criticized 'myopia' in government decision-making, which can lead to better outcomes with long-term thinking.