As per the latest data from the Office for National Statistics, the output per hour worked in the UK was only 0.6% higher than the pre-pandemic average of 2019 during the first quarter of 2023.
In the UK, productivity has only grown at an annual rate of 0.4% since the financial crisis, which is less than half the rate seen in the 25 wealthiest OECD countries, according to analysis by the Resolution Foundation think-tank. Consequently, the household income in the UK now lags behind. Despite efforts to improve productivity, the latest data suggests that British companies are struggling to trans late confidence into tangible action and investment to become more productive.
Additionally, UK companies rank sixth in terms of "capabilities," indicating that they might be lacking in certain areas to drive productivity effectively.