Productivity is not a UK success story. It is widely accepted that British businesses are not as competitive as our competitors and is said to cost the UK economy £10 billion each year. In a meeting I attended this evening Sir Charlie Mayfield, former managing Director of John Lewis and the Government appointed Chair of the UK Commission for Employment and Skills, stated that, in response to the EU referendum result, UK business should carry on doing what they do now and better. In other words, more productively.
He has launched the app - how good is my business really? This app helps businesses to take a look at how they can become more productive and more profitable.
He concluded his speech by saying once we have addressed the productivity challenge people can expect their jobs to get better and to be paid better.
The UK remains 'a good place to do business in and a good place to run a business from.'
Today came the announcement by American company General Electric, that Britain remains an attractive destination for investment despite the uncertainty created by the referendum result. General Electric employ 12,000 people in the UK and the UK head of the business said that 'the domestic market makes the UK attractive to inward investors as does the fact that the UK has a strong export mindset, which supports and promotes UK companies' efforts overseas.'