Productivity levels within the UK have been lagging, with Brexit uncertainty weighing heavily on the shoulders of employees and business owners alike. Business confidence has suffered as a result of the uncertainty, and workers have struggled to garner enough conviction to improve work output.
Unfortunately, as London boasts the strongest business community in the country, and therefore must brunt the majority of the pressure. The success of UK businesses is heavily reliant on the productivity its employees prove to be, with output directly linked to profits and sales. With retailers leaving the high street at an accelerated pace, and insolvencies slowly increasing on the year, businesses must do their best to retain longevity.
As with most business obstacles, productivity can be improved through the attainment of more cash. Purchasing new equipment, technology or building a larger workforce can ease the daily grind for employees, and help increase output from individuals. At the Credit Protection Association, many of our Members have used our debt recovery services to fund office renovations or launch employee trainee initiatives, all with the intention of easing the lives of their employees.
London is by far the most productive region in Britain but, rather than pulling further away since 2008, it has given up ground on a gross value-added per hour worked basis.
Its economy has grown by 17 per cent since 2007, more than the 8 per cent achieved for the UK as a whole, but that has been driven entirely by rising employment and hours rather than productivity.