바이오인

Over the last decade, other countries have reduced tax rates, removed barriers to growth, and supported their exports. However, over the same period, as the evidence in Chapter 1 sets out, the UK economy became seriously unbalanced and heavily indebted, masking a decline in underlying competitiveness. The economy was underpinned by unsustainable levels of private sector and rising public sector debt. The UK’s share of world exports declined and its current account deficit increased. Growth was concentrated in a few sectors of the economy and in a few regions of the country, with others becoming increasingly reliant on the public sector. The UK fell in international competitiveness rankings, with tax rates, regulation, access to finance and planning all cited as problematic for doing business in the UK.