- UK lags France, Germany and the US in productivity
- Underinvestment in skills, innovation and capital expenditure blamed
Chronic underinvestment, weak output and too many highly unproductive businesses. The Economy 2030 Inquiry, a thought leadership project focused on the UK’s growth strategy for the remainder of this decade, held some hard truths for British business.
In a nutshell, Britain must improve its dire productivity, but there are nuances. Although the last pre-pandemic figures from the OECD showed inferior dollar output per hour compared with the US, Germany, and France, Britain is no less efficient in reallocating resources to better-performing sectors in the economy.