Britain risks investment exodus as slow planning deters business

Britain is becoming increasingly unattractive for international investment due to protracted planning processes and sluggish decision making, according to Jonathan Oppenheimer, scion of the Oppenheimer diamond mining dynasty. Speaking at the Bloomberg Africa Business Summit, Mr Oppenheimer criticised the United Kingdom’s inability to deliver infrastructure projects in a timely fashion, warning that such inefficiency makes investing in the country unappealing.

Mr Oppenheimer highlighted the dualling of the A66, a crucial route connecting England’s east and west coasts, as a case in point. Initial plans to transform the stretch from Penrith to Scotch Corner into a dual carriageway date back to 2002, yet the project remains only partially complete. Although further proposals from 2016 finally secured approval in 2024, he argued that the duration for what should have been a straightforward undertaking speaks for itself. In his words, “So long as the UK takes 30 years to do a nine month project, it’s uninvestable.”

Oppenheimer, who was educated in Britain and whose family businesses include influential stakes in Anglo American and De Beers, highlighted the country’s lengthy planning and project management procedures as being at odds with global best practice. China’s completion of the world’s highest bridge across the Huajiang Canyon in three and a half years stands in stark contrast to the time required to erect a motorway flyover in Manchester, he noted, both requiring an equivalent timeline despite vastly different engineering challenges.

The government has been making efforts to repair the country’s image as a destination for international capital, including hosting a summit for global investors. However, these efforts have yet to bear fruit, as policies such as rising taxes, the removal of non-dom status, and the possibility of a wealth tax have prompted entrepreneurs and high-net-worth individuals to look elsewhere, such as Dubai or Milan, for more favourable conditions.

The caution from Mr Oppenheimer comes as Labour struggles to secure private backing for key infrastructure schemes despite ambitions that government spending will inspire market confidence. The lack of speed in British project delivery, compounded by an increasingly heavy tax burden, has undermined faith among business leaders who might otherwise have invested in the country’s long-term prosperity.

Complaints about project delays extend beyond motorways and reflect a wider lack of agility across the UK economy. Large capital projects remain bogged down by planning red tape, diminishing Britain’s competitiveness at a moment when other global centres are drawing in investors with greater speed and certainty.