Tag Archives: employment outlook

Growth through productivity – our #1 aim

The Economist assessed Britain’s economic situation in the wake of the 2015 General Election results stating that “productivity growth has been the missing ingredient of Britain’s economic recovery. In 2014 output per hour worked was 1.3% lower than in 2011, and some 14% beneath its pre-crisis trend. Much like predictions of interest-rate rises, forecasts of a return to productivity growth have come and gone. If productivity had grown as predicted by the Office for Budget Responsibility, Britain’s fiscal watchdog, in 2010, it would be 8.4% higher than it is today.”

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