Productivity Leadership Group responds to new ONS productivity statistics.
Commenting on this morning’s Office for National Statistics (ONS) UK productivity flash estimate, Tony Danker, chief executive of the Productivity Leadership Group, said: “This small increase in productivity in Q3 is good news. We have ten years of flat-lining productivity to recover from, so let’s hope this can be the beginning of the journey back to growth. Addressing this challenge creates a major opportunity for the economy and is critical for the UK to keep up with its competitors.
“Businesses are at the heart of the solution. It’s critical that companies up and down the country now embark on major productivity push at every business, learning from the best and introducing management tools and technologies that have been proven to drive success.
“We need a productivity Budget next week from the chancellor that tackles long term issues like infrastructure and skills but also supports businesses to drive up productivity at firm level – through actionable research, business support and management training. These are the key areas that will drive the UK’s productivity over the coming years.
“If we improve the performance of the ‘long tail’ of less productive businesses we could create over £100bn in economic value each year.”