Slowest productivity growth since the UK voted to leave the EU
The latest ONS figures show the slowest productivity growth since the UK voted to leave the EU.
This is no surprise as recent CMI research shows that business planning and staff recruitment and retention have been negatively impacted by the uncertainties caused by Brexit.
Improving management skills and practices is key to boosting productivity - with an estimated 150,000 EU managers in the UK it has never been more important to invest. No one knows what Brexit deal - if any - will be agreed. We do know, however, that after Brexit, boosting people’s ability to lead and manage others would give the UK economy substantial productivity gains.
If we are finally to solve the productivity puzzle then the UK needs to be able to attract and retain talented managers. We also need a skills system that develops home-grown talent. We should accelerate investment in effective line management, including apprenticeships, and encourage all businesses to help build the next generation of leaders.