What is productivity?

“Productivity is the pressing economic challenge of this Parliament and tackling the productivity gap is crucial to the UK’s economic competitiveness and to improving workers’ living standards,” – Iain Wright MP, Business, Innovation and Skills Committee. 

The Business, Innovation, and Skills (BIS) Committee has launched the above video on productivity as part of its inquiry into the Government’s Productivity Plan.
According to the BIS Committee, which is a select committee of the House of Commons, it’s been designed to explain what productivity is (i.e.  how much the UK economy creates divided by how much it puts in) and which factors affect it, such as how skilled its workers are, how easily workers can find suitable jobs and how good their equipment is.
Its launch precedes the BIS Committee’s first evidence session as part of the Productivity Plan Inquiry, which will explore whether the Government’s Productivity Plan addresses the main causes of low productivity in the UK and examine whether it’s likely to deliver the desired results, next week (October 13).
The Productivity Plan covers a number of areas, including the tax regime for businesses, skills, science and innovation, digital infrastructure, investment and trade.
Iain Wright MP, chair of the BIS Committee said: “Productivity is the pressing economic challenge of this Parliament and tackling the productivity gap is crucial to the UK’s economic competitiveness and to improving workers’ living standards.
“As a Committee we will keep a determined focus on scrutinising investment, regulation, innovation and skills policies designed to boost productivity.”

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