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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.
蕾切尔•里夫斯(Rachel Reeves)在上任英国财政大臣后的首次重要讲话中强调，新政府将坚定不移地致力于实现长期经济增长，并将其视为一项“国家使命”。然而，由于十多年来生产率一直低迷不振，推动增长的承诺远不如实现增长的计划重要。工党的增长战略仍处于萌芽阶段，尽管其宣言和早期公告让人对其计划有所了解。其中一个基本要素是释放投资。没有公共和私人资本支出的持续增长，工党的国家使命将仍然是一场空想。
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.
过去30年里，英国有24年在七国集团(G7)投资总额排行榜上垫底。需要投资改造公路、铁路和能源基础设施，推动创新。这将促进生产率增长和工资。英国的投资问题是多方面的，没有一个单一的杠杆可以解决这个问题。但有三种催化剂会给工党带来巨大的成功机会：稳定政策环境，创造投资机会，调动资金。
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.
从某种程度上说，政府已经实现了第一个目标。“稳定”是其竞选信息的核心，在其他国家政治不确定性持续的情况下，其多数席位也使英国对投资者更具吸引力。快速任命和尽早宣布政策给了投资者信心。
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，在做出承诺之前，许多投资者仍需明确了解工党议程的其他方面。其一是它计划如何改善与欧盟的关系。其二是新规划的机构——包括旨在加快监管决策的监管创新办公室(Regulatory Innovation Office)——将如何在实践中运作。投资者也在寻求政府对资本利得税计划的保证，一些人担心政府会提高资本利得税。
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.
除了稳定，英国还需要开放投资机会。政府在这方面开了个好头。周一，里夫斯概述了为彻底改革英国瘫痪的规划系统所做的努力。其中包括提高经济效益在评估发展计划中的重要性、为更多规划官员提供支持以及审查《国家规划政策框架》(National Planning Policy Framework)等值得称道的计划。如果这有助于简化系统，那么将为跨行业投资扫除一大障碍。另一个障碍是技能短缺，这就要求政府设计一个更加灵活的培训体系。
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.
最后，为了加速投资，政府必须在引导财政资源方面做得更好。里夫斯在她的演讲中对公共财政的糟糕状况发出了警告，这就加强了利用私人融资来源进行投资的重要性。
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.
价值73亿英镑的国家财富基金(National Wealth Fund)令人鼓舞，该基金将为支持私营部门投资提供基石资金。该基金的特别工作组周二建议，将投资扩大到“更广泛的行业”，范围超越最初的脱碳重点，并巩固独立于政府的运营独立性。如果这不会导致小规模的分散投资，这听起来是明智的。政府必须同时努力解放该国庞大的养老金储蓄，用于资本投资。另一个资金来源是外国投资。在这里，“礼宾服务”可以帮助潜在投资者解决监管问题，提高该国的吸引力。
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.
为了扭转数十年来投资不足的局面，政府将不得不进行多项工作。现在有了一个不错的开头。但是，如果要通过经济增长来资助公共服务的更新，实现投资议程的各个方面将至关重要。