Productivity plan aims to make Britain the wealthiest major economy by 2030

Launched today in Birmingham by Sajid Javid, secretary of state for business, the plan sets the agenda for government to reverse what it describes as the UK’s long-term productivity problem whilst securing a rise in living standards.

“Productivity is something we’ve been hearing a lot about recently, and that’s because it’s one of the few areas of the economy where Britain is struggling,” Javid said in a speech. “Britain is home to some of the world’s most innovative and dynamic businesses, staffed by incredibly talented, hardworking individuals. Yet our productivity – the rate of output per hour worked – is well below its potential. In stark terms, it now takes a worker in the UK 5 days to produce what his or her counterparts in Germany can deliver in 4.”

The 15-point plan is centred around two angles of execution that aim to encourage long term investment and promote a dynamic economy.