If the UK wants to remain competitive, it will also need to ensure that it maintains a standard of high quality universities to attract capable talent to install at British business, he added.
Worryingly, the UK has the eighth highest debt to GDP ratio out of 186 countries at 89%.
Although its budget deficit has decreased sharply over the last four years, falling from 7.7% of its GDP to 3.8%, this ratio remains high relative to its European neighbours, Eight Advisory noted.
But if the UK government drops the ball, shifting its focus away from matters that will sustain the happiness and well-being of the general public, the economy could begin to look a lot less competitive.
The “happiness and welfare of citizens is proven to thrive in a competitive economy,” Eight International stressed.
“Therefore, policy-makers should consider the wider business and financial links to a happy and healthy citizenship of the UK remaining globally competitive.”
