One of the eternal economic truths we’re exploring on tis site is that in the long run, productivity growth is almost all that matters for economic health and well-being. productivity growth allows us to pay ourselves more (or take more in profit as we choose); it boosts international competitiveness and it shifts the production possibility frontier outwards.  However, Uk productivity performance since the 2007-8 financial crisis has been dismal. Why is this? The Bank of England gives its verdict – but beware, there isn’t only one cause of poor productivity growth, like many things in life, there are many causes which need to be disentangled and then weighted in order of importance.

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