Productivity in the UK has consistently lagged well behind Germany and France and has now been overtaken by many other countries as this OECD chart shows.
It can also be argued (as, for example, James Ferguson of the MacroStrategy Partnership has) that the UK has an overly generous tax credit system, which encourages less productive part-time jobs, rather than more productive full-time ones.There's pretty broad agreement on how the UK needs to tackle this issue but also a recognition that there's no quick wins. First, rebalance the economy away from services (75% of GDP) towards making things (10%). FT print edition delivered Monday - Saturday along with ePaper accessPremium FT.com access for multiple users, with integrations & admin toolsFour theories to explain the UK’s productivity woesPurchase a Trial subscription for $1.00 for 4 weeks You will be billed $67.00 per month after the trial endsPurchase a Digital subscription for $7.10 per week You will be billed $39.50 per month after the trial endsYou will be billed $16.59 per month after the trial endsPurchase a Team or Enterprise subscription for per week
There are several main reasons cited by economists, geographers, historians and so on. Have to write this as an exam-style response but any help would be useful. In the UK, unlike some other similar countries, productivity has refused to recover along with improving GDP.Currently, output per worker-hour remains 2% below the pre-crisis levels of 2008, whereas in the rest of the G7 group of rich countries it is 5% higher. I shall compare with other rich countries, like Germany, Switzerland, Austria and the Netherlands. Productivity is a long-term problem the solutions will be, too.The UK's poor productivity is "readily explicable" and not atall puzzling, argued economist Andrew Smithers in the FTlast year. There has been a damaging shift from rewardingsenior managers with salaries which encourage thoserunning firms to think long term to bonuses, whichencourage them to focus on short-term changes in profitmeasures.Why does that damage productivity? This is the key reason why … There is much debate and little agreement about the reasons for the UK’s productivity woes. As The Economist put it recently: "the French could take Friday off and still produce more than Britons do in a week".No. Britain’s productivity crisis should be keeping the country’s politicians and civil servants awake at night. But,…What do past crashes teach us about this one? It is down to a long-term change in "managementincentives". And the flatlining of productivity since the crisis sits in stark contrast to a strong performance in the pre-recession years, which makes the issue all the more worrying. Here, in an extract from his new book, J…John Stepek takes a look back on which investments did well and which did badly in the decade that’s about to come to an end.The political Brexit pantomime aside, Britain is in pretty good shape. Thirdly, as John Redwood argued in the Financial Times, the economy is undergoing substantial structural changes, which help explain the productivity "puzzle".A rapid drop in North Sea oil output as fields become less productive "means the loss of very high value-added activity, which will lower the average productivity figures", says Redwood.
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why is uk productivity low