Published: 25th Oct 2018

Nigel Wilcock, Executive Director of the Institute of Economic Development, discusses what he’d like to see in the Budget, which will be announced on Monday (October 29). UK economics analysts are once again wringing their hands over the country’s poor productivity performance – but for most of the business sectors which determine the level of productivity in the UK, the measure appears somewhat abstract to their day-to-day activities and distant from their own decision-making. There are many reasons for the UK’s poor productivity performance and these have been widely discussed in the media. However, what is missing from the conversation is the need to interrogate the underlying structural issues that have had a huge impact on the problem. Firstly, the typical performance measures used by businesses disincentivise activities which would drive up productivity; and secondly, government policy over decades tends to run contrary to its productivity heavy rhetoric. The frequently repeated … (To read the full article, subscribe below)