CMI comments on the ONS figures showing UK productivity drop of 0.5
The Office for National Statistics productivity reports have revealed that productivity has fallen by 0.5% in the UK.This takes productivity back below the pre-crisis peak that was achieved in the final three months of 2007.
Ann Francke, CEO at the Chartered Management institute comments:
It’s alarming, but perhaps given the current political backdrop of Brexit and weak leadership that the UK’s recent trend of productivity growth has ended. Action needs to be taken before this becomes a downward trend. Investment in skills and management training is a crucial step to boosting productivity. Poor management is costing our economy £84bn each year, and Britain lags other countries when it comes to people skills. Indeed, four out of five British bosses are 'accidental managers' who've never been trained. Investing in apprenticeships to boost management talent, as well as technical skills, is a vital part of building a globally competitive UK plc. We need better home-grown leaders, and more of them, to close the productivity gap and investing in management apprenticeships will provide school leavers and existing workers alike with the hands-on, practical experience needed to gain those management and leadership capabilities.
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