UK productivity rate

UK Productivity Council Created Following Autumn Statement Promise

UK Productivity Council Created Following Autumn Statement Promise

A UK Productivity Council has been created to help support small businesses and drive the country’s productivity rate – following last week’s announcement that a £23bn National Productivity Investment Fund was to be established. The proposal to create a such a council has been spearheaded by several UK business leaders in conjunction with leading industry bodies including the Confederation of British Industry (CBI) and the Institute of Directors (IoD). The council will be private sector led and will receive £13m in seed funding from the government, phased over three years. The council will have an advisory board, a chief executive and a leadership team of around five people, be supported by up to 15 staff, and draw on the industry knowledge and expertise of business leaders who have ... »

UK Productivity “Significantly Less” Than G7 Average

UK Productivity “Significantly Less” Than G7 Average

The UK productivity rate is now “significantly less” than the G7 average with the UK now 17% behind the six other country members, a new report by the Office for National Statistics has found. These new figures now mean the productivity gap between the UK and other major advanced economies – Canada, America, France, Germany, Italy and Japan – is at its widest since records began in 1991. While the UK managed to narrow the gap with the rest of the G7 to just 4% in the early 2000’s, the trend has gone into reverse with the UK now 36% behind Germany. The report also shows that UK labour output is trailing behind the US in all sub-sectors, particularly in manufacturing. Comparisons with other European countries are more mixed, with UK manufacturing input estimated to be above that of Ita... »