Is our obsession with fast growth and job creation stifling productivity?
As he stood at the Dispatch Box on November 23rd, Chancellor Philip Hammond laid bare to Parliament a problem that has been vexing economists since the 2008 crash.
The UK, he intoned, has a truly dreadful productivity rate. To illustrate the point, he told MPs gathered for the Autumn Statement that the average UK worker takes five days to produce what a German worker manages in four.
Productivity matters because, in the long run, it’s how our economy remains competitive at the global level and creates the added value that drives up wages and living standards.
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