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Britain’s productivity funk will pass

First published: Prospect 3/04/2018

Productivity is the holy grail. It drives wages, consumption and general standards of health and welfare. Without productivity growth, living standards might not be that different from what they were in late Victorian times. It is the key to managing an ageing society successfully, and for Brexit Britain, it is the only way to limit the damage caused by leaving the European Union. Productivity, or rather the lack of it, is a fundamental reason for disappointing economic and social conditions since the financial crisis. Yet, there is still no consensus about why productivity is down and out, or how to fix it. Could we be looking around the wrong corner? Read on….