16 August 2022
“These figures are the latest of a long line that show the U.K. is failing to solve its productivity problem, preventing people from earning higher wages and holding back the economy. With high and rising inflation, having a clear strategic and political focus to solve this issue has never been more important.
We, at AICPA & CIMA, believe the U.K. government should make improving productivity a key strategic priority. This could be achieved by putting in place a nationwide Productivity Strategy to improve productivity in every region, sector and business. To support this strategy and real economic growth, the government should create a Productivity Commission that would have similar powers to the Office for Budget Responsibility.
Last year, in our report ‘Tackling the UK Productivity Puzzle’ we presented 35 suggestions on how to improve U.K. productivity, including suggestions to support the reskilling and upskilling of the workforce, and increase business investment in technology and R&D. These recommendations would be an excellent place for the U.K. government to start to address this very serious issue.”
Andrew Harding, FCMA, CGMA
Chief Executive — Management Accounting
The Association of International Certified Professional Accountants, representing AICPA & CIMA