Productivity is down by 12pc

Ben Southwood
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UK productivity is 12.2 per cent lower than it would have been had pre-crisis growth rates continued over the past four years. But the Centre for Economics and Business Research (CEBR) reckons the decline in underlying worker effectiveness has been two per cent. The gap is accounted for by a myriad of factors, including flaws in GDP statistics – understated current output and overstated 2008 output, as well as lower overall demand and oil output.