Document Abstract

Solving the United Kingdom's productivity puzzle in a digital age

Investigates the reasons why productivity growth in the UK has slowed sharply in recent years, being one of the worst amongst its European peers. Considers that increasing productivity is especially important for the UK in light of demographic changes and uncertainty surrounding Brexit. Describes what has happened to UK productivity growth in the aftermath of the financial crisis and puts it in the context of other advanced economies. Presents supporting statistics including data on growth in different industry sectors, employment and investment. Identifies the reasons for the UK's productivity growth slowdown including the role of the financial sector, having a focus on adding labour over investment and having gaps in digital adoption. Outlines the steps that policy makers and companies can take to improve productivity growth such as promoting workforce skills, accelerating digital adoption and promoting investment and exports. Considers that if this supportive action is taken that the UK has the potential to have at least 2% productivity growth a year over the next ten years.

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Publication information

Author:
Bughin, Jaques et al
Year:
2018
Pages:
37
Ref No:
B51502
Source:
McKinsey Global Institute

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