In a bid to increase productivity and with it the nation’s wages and profits, Chancellor Philip Hammond announced a Call for Evidence on the UK’s productivity, seeking views on how to boost the performance of Britain’s businesses.
The Business Productivity Review forms part of the government’s modern Industrial Strategy, helping to better understand the factors affecting the productivity of UK business in a bid to unlock £100 billion of untapped benefit to our economy.
It will focus on how firms across the country can take advantage of leading technologies, management practices and business support services.
Business Secretary Greg Clark, commented, “For centuries Britain has been a nation of discoveries, but these ideas haven’t always been commercialised in the UK and new ideas applied in practice.
“Now our modern Industrial Strategy is ensuring that firms across the UK can take advantage of leading technologies and management practices, potentially adding £100 billion to the economy and boosting people’s earning power right across the country.”
The Chancellor also announced £20 million government investment for the Made Smarter pilot scheme aimed at boosting productivity and growth in the north west.
The industry-led pilot will help up to 3,000 small and medium-sized manufacturers become more competitive through greater use of digital technology in the manufacturing process and in supply chains.
The Business Productivity Review Call for Evidence is open until 4thJuly 2018 and the government encourages businesses, trade associations and other interested parties to contribute their views to it.
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