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Germany’s KfW lent £53.5 billion in 2025, Mariana Mazzucato argues

Germany’s KfW lent £53.5 billion in 2025, Mariana Mazzucato argues
Britain urged to expand public finance

Mariana Mazzucato, professor of economics of innovation and public value at University College London, highlights the gap between Britain’s National Wealth Fund, which can invest up to £5.5 billion a year, and Germany’s KfW, which lent the equivalent of £53.5 billion in 2025.

Mazzucato emphasizes that Britain’s challenge is not only the amount of public finance available but also how it is structured and whether it is sustained on a scale comparable to international peers.

Mazzucato previously stated that the UK missed out on $500 billion in public and $350 billion in private investment by not matching G7 and OECD benchmarks. In her earlier analysis, she argued that Britain’s failure to align with international investment levels has led to significant funding shortfalls over the past three decades. The current comparison with Germany’s KfW comes amid renewed scrutiny of the scale and structure of UK public finance.

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