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Analysis of the latest UK and international economic indicators
Analysis of the latest UK and international economic indicators
To ask Her Majesty's Government what were the annual growth rates of labour productivity in each year since 2000; and what rates they forecast for each year to 2022.
To ask Her Majesty's Government what were the annual growth rates of labour productivity in each year since 2000; and what rates they forecast for each year to 2022.
Growth in labour productivity, 2000 – 2022
Year (f – forecast) | Output per hour worked, % change on previous year, seasonally adjusted |
2000 | 3.2 |
2001 | 1.5 |
2002 | 2.4 |
2003 | 2.9 |
2004 | 1.2 |
2005 | 2.0 |
2006 | 1.8 |
2007 | 1.5 |
2008 | -0.6 |
2009 | -1.5 |
2010 | 1.3 |
2011 | 1.1 |
2012 | -0.7 |
2013 | -0.4 |
2014 | 0.6 |
2015 | 1.0 |
2016 | 0.5 |
2017 | 0.8 |
2018f | 0.8 |
2019f | 0.8 |
2020f | 0.9 |
2021f | 1.0 |
2022f | 1.1 |
- The table presents past and projected annual growth rates of UK labour productivity defined as output per hour worked.
- The growth rates for the period 2000 to 2017 were obtained from the ONS (Labour productivity time series (PRDY), UK Whole Economy: Output per hour worked % change per annum SA, released 5th October 2018, link)
- The projected future growth rates (2018 – 2022) were published by the Office for Budget Responsibility in the Economic and Fiscal Outlook – October 2018 (page 87, Table 3.10 Detailed summary forecast, link)
To ask Her Majesty's Government what assessment they have made of analysis by the Organisation for Economic Co-operation and Development that the productivity gap between the UK and other developed countries is less than previously thought.
To ask Her Majesty's Government what assessment they have made of analysis by the Organisation for Economic Co-operation and Development that the productivity gap between the UK and other developed countries is less than previously thought.
This analysis is a welcome initiative by the OECD to improve the international comparability of productivity statistics. It was initiated in response to a request from the ONS to examine how different countries go about measuring total hours worked (which are required to calculate output per hour worked).
When calculating labour productivity there is a trade-off between using the best available data sourced from different countries’ national accounts, or data compiled on the most consistent basis. The OECD research finds that while for many countries this choice makes a minor difference, for the UK it has a larger effect and improves our performance relative to other countries.
The ONS is examining how best to incorporate these findings into their international comparisons of labour productivity and plans to publish an article on this in January 2019; including more detailed breakdowns of how the UK compares with other developed countries on a more consistent basis.
It is a pleasure to speak under your chairmanship, Ms Ryan. I thank the Backbench Business Committee for the opportunity to make a statement to the Chamber on the 25th report of the Treasury Committee on the economic impact of the withdrawal agreement and political declaration, and on the Bank...
It is a pleasure to speak under your chairmanship, Ms Ryan. I thank the Backbench Business Committee for the opportunity to make a statement to the Chamber on the 25th report of the Treasury Committee on the economic impact of the withdrawal agreement and political declaration, and on the Bank...
I am delighted to serve under your chairmanship, Ms Ryan. The Treasury Committee’s report is a damning read for those who had dared to hope that the Government’s withdrawal agreement analysis would enlighten the debate. We already knew that this Government’s Brexit was going to damage our economy; every piece...
I am delighted to serve under your chairmanship, Ms Ryan. The Treasury Committee’s report is a damning read for those who had dared to hope that the Government’s withdrawal agreement analysis would enlighten the debate. We already knew that this Government’s Brexit was going to damage our economy; every piece...
I thank the hon. Lady for her questions, and it is good to have this debate—I am sure we would have had it on the Floor of the main Chamber if it had continued, but now we have time to reflect on all of this.
The hon. Lady is right to...
I thank the hon. Lady for her questions, and it is good to have this debate—I am sure we would have had it on the Floor of the main Chamber if it had continued, but now we have time to reflect on all of this.
The hon. Lady is right to...
I congratulate the right hon. Lady and her Committee for producing this report, which could be summed up in one sentence: Brexit makes the country and every one of our constituents poorer. We see that when we get to the conclusions.
However, my question is about financial services. I have tens...
I congratulate the right hon. Lady and her Committee for producing this report, which could be summed up in one sentence: Brexit makes the country and every one of our constituents poorer. We see that when we get to the conclusions.
However, my question is about financial services. I have tens...
I thank the hon. Gentleman very much for his question. I am pleased that he has mentioned financial services, because the view among those in the financial services industry is that they have not really had quite as much attention devoted to them as they should have, given that they...
I thank the hon. Gentleman very much for his question. I am pleased that he has mentioned financial services, because the view among those in the financial services industry is that they have not really had quite as much attention devoted to them as they should have, given that they...
I join in thanking my right hon. Friend and her Committee for the work they have done, together with their advisers and the witnesses. In conclusion 6, there is a reference to the backstop, which leads to paragraphs 35 to 40 in the report. There, Professor Nickell says that it...
I join in thanking my right hon. Friend and her Committee for the work they have done, together with their advisers and the witnesses. In conclusion 6, there is a reference to the backstop, which leads to paragraphs 35 to 40 in the report. There, Professor Nickell says that it...
I thank my hon. Friend for his question. Of course, one of the issues is that it is not known how long the backstop might be needed for. One would hope that 15 years is probably a wild overestimate, but it is true that the Canadian-European trade agreement took eight...
I thank my hon. Friend for his question. Of course, one of the issues is that it is not known how long the backstop might be needed for. One would hope that 15 years is probably a wild overestimate, but it is true that the Canadian-European trade agreement took eight...
Statement on the publication of twenty-fifth report of the Treasury Committee, The UK's economic relationship with the European Union: The Government's and Bank of England's Withdrawal Agreement analyses (HC 1819).
Statement on the publication of twenty-fifth report of the Treasury Committee, The UK's economic relationship with the European Union: The Government's and Bank of England's Withdrawal Agreement analyses (HC 1819).
To ask Her Majesty's Government what plans, if any, they have to invest in the development of workers’ skills to help boost productivity in the manufacturing sector.
To ask Her Majesty's Government what plans, if any, they have to invest in the development of workers’ skills to help boost productivity in the manufacturing sector.
We are committed to making the UK one of the best places in the world to grow a manufacturing business. Through our Industrial Strategy, we will make sure that we are using all the tools we have to stimulate manufacturing growth. That includes using major new investment in research to support innovative manufacturing businesses across the country and encouraging inward investment into the parts of the country where we need increased growth.
We are working with employers to jointly design and deliver policies and programmes, which will make the skills system more responsive to employer needs, while giving individuals the skills they need to succeed.
This includes making apprenticeships longer, better, with more off-the-job training and proper assessment at the end, as well as introducing T levels, which will offer a high quality and rigorous technical alternative to academic education. We are also establishing Institutes of Technology to help meet higher level technical skills needs. In addition, we are developing a new National Retraining Scheme; an ambitious, far-reaching programme, which will give adults the skills they need to thrive as the economy changes.
Information on the UK’s Industrial Strategy can be found at: https://www.gov.uk/government/topical-events/the-uks-industrial-strategy.
Lords motion to take note of the report of the Science and Technology Committee on Off-site manufacture for construction: Building for change (HL 169). Agreed to on question.
Lords motion to take note of the report of the Science and Technology Committee on Off-site manufacture for construction: Building for change (HL 169). Agreed to on question.
My Lords, I first declare an interest, as noted in the register: I am a property developer with several ongoing housebuilding projects.
I welcome the report from the Science and Technology Committee. Off-site manufacturing is likely to be more economic, efficient, safe and automatable than traditional ways of building houses. Indeed,...
My Lords, I first declare an interest, as noted in the register: I am a property developer with several ongoing housebuilding projects.
I welcome the report from the Science and Technology Committee. Off-site manufacturing is likely to be more economic, efficient, safe and automatable than traditional ways of building houses. Indeed,...
My Lords, I should declare an interest as chancellor of Cranfield University, which is involved in off-site construction, and as chairman of the Woodland Trust, of which you will hear more anon. The construction sector in the UK is a big thing, and will see an investment of £600 billion...
My Lords, I should declare an interest as chancellor of Cranfield University, which is involved in off-site construction, and as chairman of the Woodland Trust, of which you will hear more anon. The construction sector in the UK is a big thing, and will see an investment of £600 billion...
My Lords, it is a great pleasure to take part in this debate and to follow the excellent speeches so far. I thank the noble Lord, Lord Patel, and the committee for producing an excellent report: it is wide-ranging, has a set of very balanced and sound recommendations and is...
My Lords, it is a great pleasure to take part in this debate and to follow the excellent speeches so far. I thank the noble Lord, Lord Patel, and the committee for producing an excellent report: it is wide-ranging, has a set of very balanced and sound recommendations and is...
My Lords, it has been a privilege to be a member of the Select Committee undertaking this inquiry under the expert chairmanship of my noble friend Lord Patel. I declare the following interests: I am head of the Centre for Smart Infrastructure and Construction—CSIC—at Cambridge University, and until a few...
My Lords, it has been a privilege to be a member of the Select Committee undertaking this inquiry under the expert chairmanship of my noble friend Lord Patel. I declare the following interests: I am head of the Centre for Smart Infrastructure and Construction—CSIC—at Cambridge University, and until a few...
My Lords, I declare an interest: my wife is a senior lawyer whose specialism is in construction. We have been so busy in the past few weeks that I have not had a chance to discuss with her anything in this report, so anything I say is entirely my fault...
My Lords, I declare an interest: my wife is a senior lawyer whose specialism is in construction. We have been so busy in the past few weeks that I have not had a chance to discuss with her anything in this report, so anything I say is entirely my fault...
My Lords, I join with other speakers, particularly those who were not on the committee, in congratulating the committee on its work. I think this is the second report in two months I have had to respond to from the committee run by the noble Lord, Lord Patel—it sometimes feels...
My Lords, I join with other speakers, particularly those who were not on the committee, in congratulating the committee on its work. I think this is the second report in two months I have had to respond to from the committee run by the noble Lord, Lord Patel—it sometimes feels...