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 slower to turn ambitious smaller firms into exporters of innovative new products and services, according to a new report.
With more support, it is estimated that up to 110,000 small to medium-sized enterprises (SMEs) could become regular exporters, adding an extra £1.15 billion in Gross Value Added (GVA) to the economy in the first year alone in the form of new and higher value jobs.
The report published today, "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.