SME growth ambition key to UK productivity puzzle
UK Productivity to be boosted by increasing exporting and innovation among small and medium sized firms.
Britain’s productivity is falling behind other economies because it is failing to turn ambitious smaller firms into exporters of innovative new products and services, according to a new report.
The report published November 16th,
Unlocking UK Productivity has been co-authored by Goldman Sachs, the Enterprise Research Centre (ERC) and the British Business Bank (BBB). Its findings draw heavily on the core research themes of ERC for the past three years.
Prof Mark Hart, ERC Deputy Director and Programme Director for 10,000 Small Businesses, UK, Aston University, said:
“Although economic growth has returned, UK productivity since 2008 has been almost flat. This means we’re producing less per worker than our international competitors and taking longer to create the same amount of economic value. Our research shows that there is huge untapped potential out there and that if we could build the confidence of innovative businesses that have high growth ambitions to start exporting regularly, we could generate an enormous boost to our economy"