Tory peer Lord Harrington’s Treasury-commissioned report into the UK’s dismal foreign direct investment (FDI) says Brexit isn’t the cause of our economic woes. Instead, Harrington finds that the civil service’s perpetual instinct to do “anything to de-risk a decision“, particularly by “shoving financial decisions to a series of semi-arms length institutions” is to blame. Endless bureaucratic delay does not an attractive place to invest make…

The report finds “competitors have about 12% of GDP in business investment both domestic and foreign, our equivalent is 10%” – that amounts to £50 billion annually. Meanwhile, new figures show the UK business death rate has exceeded the birth rate for the first time since 2010. Over 200 banks, businesses, and wealth funds have spoken to Harrington to complain about the lack of willingness and expertise in the government when it comes to getting new business. The report is calling for a new “Investment Minister” to lead a “business investment strategy“. Never mind another strategy, how about they get out of the way…