During his Autumn Statement speech, Chancellor Philip Hammond revealed that a new National Productivity Investment Fund will see £23 billion spent on innovation and infrastructure over the next five years with the long-term objective of building a high-wage, high-skill economy.
The Chancellor was quick to mention that the UK economy is predicted by the International Monetary Fund (IMF) to be the fastest growing major economy in the world, highlighting the strength of our services and high-tech manufacturing industries. One key economic weakness however is productivity.
Hammond referred to an alarming productivity gap with Britain currently lagging 30 percentage points behind the US and Germany, over 20 behind France and 8 behind Italy. In other words, UK workers are producing in 5 days what US or German workers are making in 4.
The new National Productivity Fund will also include investment in research and development with the intent of ensuring that the next generation of significant discoveries is made, developed and produced in Britain. However, the Chancellor was also keen to stress that “Britain is open for business” today, echoing statistics revealed earlier this month by the Confederation of British Industry (CBI). According to the CBI, UK manufacturers are set to increase production considerably over the next three months as orders continue to rise following the aftermath of the EU referendum.
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