Productivity is vital. Yet the UK’s productivity trajectory is flat – so now it’s time for action. By building a dynamic movement involving thousands of businesses we could add as much as £130bn in Gross Value Added (GVA) to the UK economy each year.
Productivity drives growth as well as increasing social prosperity and improving living standards, but Britain never recovered from the global crisis and recession that followed. Now the turbulence following the vote to leave the EU risks even more economic uncertainty. If productivity growth was important before the Brexit vote, it is crucial now.
The resolution to our lacklustre productivity must come from us: the business community. And it is time for concerted action. The routes to improvement are many and varied but they all depend on strong ambitious business leadership and enduring action on the ground.
We see the potential in business-driven, “bottom-up” change and continuous improvement among individual businesses. Our analysis con rms that productivity should – and could – be better in businesses of all sizes and sectors, with a dramatic potential £130bn boost possible each year.
The question is how?
The answer is be the business.