Don’t wait for the bounce

The Offiice for National Statistics says that, had productivity in the UK returned to its pre-recession trend, it would be 20% higher than its current level. Britain would be one fifth better off.


The normal pattern is that after a recession, productivity bounces back and we recover (at least most of)what we lost.


However, we have had no bounce since the great financial crisis.


It ts not just the UK – the pattern is remarkably similar around the globe.


The time to wait for the bounce has gone – the UK needs action to recover.


Let’s hope the new Productivity Council can pull the trigger.


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