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In her first major speech as Britain’s chancellor of the exchequer, Rachel Reeves underscored the new government’s dogged focus on delivering long-term economic growth, declaring it a “national mission”. With sluggish productivity for well over a decade, promises to drive growth are, however, much less important than the plan to deliver it. Labour’s growth strategy is still nascent, though its manifesto and early announcements give a flavour of its plan. One essential element is to unlock investment. Without a sustained increase in both public and private capital expenditure, Labour’s national mission will remain a pipe dream.
蕾切爾•裏夫斯(Rachel Reeves)在上任英國財政大臣後的首次重要講話中強調，新政府將堅定不移地致力於實現長期經濟成長，並將其視爲一項「國家使命」。然而，由於十多年來生產率一直低迷不振，推動成長的承諾遠不如實現成長的計劃重要。工黨的成長戰略仍處於萌芽階段，儘管其宣言和早期公告讓人對其計劃有所瞭解。其中一個基本要素是釋放投資。沒有公共和私人資本支出的持續成長，工黨的國家使命將仍然是一場空想。
The UK has languished at the bottom of the G7 table for total investment for 24 of the past 30 years. Investment is needed to revamp roads, rail and energy infrastructure, and drive innovation. This boosts productivity growth and wages. Britain’s investment problem is multi-faceted, and no single lever can unleash it. But three catalysts will give Labour a strong chance of success: stabilising the policy environment, creating investment opportunities, and mobilising money.
過去30年裏，英國有24年在七國集團(G7)投資總額排行榜上墊底。需要投資改造公路、鐵路和能源基礎設施，推動創新。這將促進生產率成長和工資。英國的投資問題是多方面的，沒有一個單一的槓桿可以解決這個問題。但有三種催化劑會給工黨帶來巨大的成功機會：穩定政策環境，創造投資機會，調動資金。
To some extent, the government is already delivering on the first. “Stability” was central to its campaign messaging, and its large majority also makes Britain look more appealing to investors while political uncertainty continues in peer nations. Quick appointments and early policy announcements give investors confidence.
從某種程度上說，政府已經實現了第一個目標。「穩定」是其競選資訊的核心，在其他國家政治不確定性持續的情況下，其多數席位也使英國對投資者更具吸引力。快速任命和儘早宣佈政策給了投資者信心。
Many investors still need clarity, though, on other aspects of Labour’s agenda before making commitments. One is how it plans to improve relations with the EU. A second is how newly planned bodies — including a Regulatory Innovation Office, which aims to speed up regulatory decisions — will operate in practice. Investors are also seeking assurances on the government’s plans for capital gains tax, which some fear it will raise.
然而，在做出承諾之前，許多投資者仍需明確瞭解工黨議程的其他方面。其一是它計劃如何改善與歐盟的關係。其二是新規劃的機構——包括旨在加快監管決策的監管創新辦公室(Regulatory Innovation Office)——將如何在實踐中運作。投資者也在尋求政府對資本利得稅計劃的保證，一些人擔心政府會提高資本利得稅。
Alongside stability, Britain needs to open up investment opportunities. The government has made a promising start here. On Monday, Reeves outlined efforts to overhaul the country’s gummed-up planning system. This included commendable plans to elevate the importance of economic benefits in assessing development plans, provide support for more planning officers and a review of the National Planning Policy Framework. If this helps to simplify the system, it would remove a significant barrier to cross-industry investment. Another hurdle is skills shortages, which require the government to design a more flexible training system.
除了穩定，英國還需要開放投資機會。政府在這方面開了個好頭。週一，裏夫斯概述了爲徹底改革英國癱瘓的規劃系統所做的努力。其中包括提高經濟效益在評估發展計劃中的重要性、爲更多規劃官員提供支援以及審查《國家規劃政策框架》(National Planning Policy Framework)等值得稱道的計劃。如果這有助於簡化系統，那麼將爲跨行業投資掃除一大障礙。另一個障礙是技能短缺，這就要求政府設計一個更加靈活的培訓體系。
Finally, to turbocharge investment, the government must do a better job of channelling financial resources. Reeves used her speech to warn of the dire state of public finances, which only reinforces the importance of leveraging private financing sources for investment.
最後，爲了加速投資，政府必須在引導財政資源方面做得更好。裏夫斯在她的演講中對公共財政的糟糕狀況發出了警告，這就加強了利用私人融資來源進行投資的重要性。
A £7.3bn National Wealth Fund, which will provide cornerstone funding to support private sector investment, is encouraging. The fund’s task force on Tuesday suggested extending investments into “wider sectors”, beyond the initial focus on decarbonisation, and to entrench operational independence from the government. Provided this does not result in small-scale scattergun investments, this sounds sensible. The government must simultaneously pursue efforts to liberate the country’s vast pension savings for capital investment. A further source of funding is foreign investment. Here, a “concierge service” could help prospective investors navigate regulatory issues and boost the country’s appeal.
價值73億英鎊的國家財富基金(National Wealth Fund)令人鼓舞，該基金將爲支援民營部門投資提供基石資金。該基金的特別工作組週二建議，將投資擴大到「更廣泛的行業」，範圍超越最初的脫碳重點，並鞏固獨立於政府的運營獨立性。如果這不會導致小規模的分散投資，這聽起來是明智的。政府必須同時努力解放該國龐大的養老金儲蓄，用於資本投資。另一個資金來源是外國投資。在這裏，「禮賓服務」可以幫助潛在投資者解決監管問題，提高該國的吸引力。
To overturn decades of under-investment, the government will have to spin many plates. It has got off to a decent start. But if it is to fund public service renewal from economic growth, delivering on all aspects of the investment agenda will be crucial.
爲了扭轉數十年來投資不足的局面，政府將不得不進行多項工作。現在有了一個不錯的開頭。但是，如果要透過經濟成長來資助公共服務的更新，實現投資議程的各個方面將至關重要。