It might sound like "peeing all over British industry", but the fact is that the UK has a productivity problem. And it's not just the obvious one that output per worker-hour has fallen since the recession began. The truth is that, even before the recession, productivity was slowing down. In the 20 years to 2007, it grew by 2.1 per cent – a full percentage point less than it rose in 1947-73.
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