Jan 6, 2017

Productivity gap yawns across the UK

Productivity growth since the credit crunch has been dreadful and that matters, because unless we make more and work more efficiently we cannot pay ourselves more. Part of the reason for low productivity lies in Britain regions, while London and south-eastern England have productivity well above the national average and equal to the levels seen in rival economies like France and Germany, the rest of the country lags behind. Powys in central Wales is the least productive and, overall, Wales and Northern Ireland have productivity levels 19% below the national average. The only towns in the country that have above average productivity are London, Aberdeen and Bristol. Solving the productivity gap in the UK will not be an easy job, certainly better regional policies would help, but just convincing family run firms to appoint competent outsiders to run their business would also have a huge effect.

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