Following oral questions from both Sir Nicholas Soames MP and Stephen Hammond MP, the Government has highlighted key policies aimed at increasing productivity, including a shift in focus towards firm-level initiatives.
Yesterday the Chancellor of the Exchequer, Philip Hammond MP, outlined government measures being undertaken to increase productivity. The Chancellor mentioned the national productivity investment fund, a £31 billion of investment in infrastructure and research and development.
He also highlighted the development of a partnership with the Confederation of British Industry (CBI) and Trades Union Congress (TUC) to ensure that British workers have the skills they need to benefit from technology change.
Additionally, the Government’s focus is now shifting towards firm-level initiatives. The Chancellor backed initiatives such as Be the Business led by Charlie Mayfield, Chairman of the John Lewis Partnership. This was established in 2017 to address to underperformance of UK productivity. The organisation provides inspiration, tools and resources for businesses to improve their own performance. It also helps to improve management techniques and workforce skills.
During the third quarter of 2017, UK productivity grew by 0.9 percent compared with the three months before, its first rise since late 2016 and the biggest increase for over six years.