The UK's productivity problem and how to solve it
The importance of construction in an industrial strategy
Key takeaways
The UK faces a productivity crisis, lagging behind international benchmarks
Infrastructure investment is crucial for improving regional growth and productivity
Shaving a minute off journey times outside London could boost the economy by £3.4 billion
The UK, and the construction industry, are facing a productivity crisis. Lagging behind international benchmarks means that British workers have to work more than their German, French and Italian counterparts.
Investment in new infrastructure and transport links are part of the upcoming industrial strategy, which should help to improve regional growth and productivity for the UK as a whole. We estimate that shaving a minute off journey times to key services outside of London could lead to a boost of £3.4bn to the economy, before accounting for the associated productivity benefits.
With the delivery and construction of major schemes being of such importance to the productivity of many Western countries, the industry charged with delivering them must address its own productivity problems so that the benefits can be felt more quickly, more efficiently and with maximum value to the public and clients.
This report makes the case for infrastructure investment as part of an industrial strategy, sets out the productivity problems and proposes some potential solutions for the government, the construction sector and private developers to consider.
Read the full report to find out more.
Related insights
-
Unlocking the circle
Report
-
Transform & renew
Report