News
Official data reveals UK productivity has fallen for second consecutive quarter
UK productivity fell for the second quarter in a row in the three months to June, data published by the Office for National Statistics (ONS) has revealed.
Output per hour fell by 0.1% during the second quarter of this year, following a fall of 0.5% in the first quarter of the year.
Productivity in the second quarter of 2017 was also down by 0.1% when compared to the same period last year.
The Bank of England recently stated that the UK’s ‘lack of productivity growth’ has contributed to weak wage growth.
Commenting on the latest data, Ann Francke, Chief Executive of the Chartered Management Institute (CMI), said: ‘UK productivity per hour is now 35% below the German level, and 30% below the US, and it’s becoming increasingly clear that decisive action is needed if we are to end this downward trend.’
Meanwhile, the Confederation of British Industry (CBI) suggested that rising productivity is ‘the only sustainable route to higher wages and better living standards’. The CBI has called for the government to design an industrial strategy that will ‘drive productivity and wage growth’.
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