HS2, Raac, potholes: the symptoms of a lack of investment are everywhere

‘The UK goverment simply invests too little [and] the results are everywhere, from Raac-infested schools to potholed roads.’ Photograph: Simon Dack/Alamy

There’s a lot more wrong with UK public investment than HS2. I see that as a governor of a small primary school relying on parents to support new playground and IT equipment, and, rather less personally but just as clearly, in our Resolution Foundation research. There are four related problems.

First, the UK state simply invests too little: the average OECD advanced economy has invested 50% more (relative to GDP) than the UK this century. The results are everywhere, from Raac-infested schools to potholed roads. Our politicians have strong incentives to cut public investment for tomorrow (it’s easier than firing nurses or raising taxes today). And our fiscal rules focus narrowly on net debt, ignoring the value of assets on the public sector balance sheet.