Suryaa Now International Desk: Inadequate development and construction work in London's famous Thames riverside areas has severely hampered Britain's economic growth... Inadequate development and construction work in London's famous Thames waterfront is seriously hampering Britain's economic growth, according to recent reports. Economic analysts are concerned that the lack of infrastructure in these key areas in the heart of the national capital is holding back investment on a massive scale. A leading Reuters article revealed that projects are not moving ahead due to negligence by officials, delays in approvals and stringent regulations.
These structural defects have become a major obstacle to the government's ambitious plans to bring the country's economy into a groove. Although there have been many plans in the past to develop areas around the Thames into commercial and residential centres, there has been a lack of implementation on the ground. At a time when there is a severe shortage in the housing sector, the stalling of mega projects in major cities like London is having a severe impact on the common man. Experts analyze that due to non-completion of constructions at the right time, employment opportunities are slowed down and the overall growth rate of the country is also adversely affected.
Lack of coordination between the public and private sectors is believed to be the main cause of this crisis. Industry groups are demanding that this backlog in the infrastructure sector be immediately avoided if Britain is to revive its economy. It is suggested that this impasse can only be broken by simplifying the process of construction permits and creating a favorable environment for investors. If the British government does not take immediate steps to speed up the development of the Thames riverfront, the country's future economic growth is at risk of slowing down further, it has been warned.
