Since the financial crisis of 2008, the British workforce has not been producing as quickly as its German or American counterparts. A structural handicap for the country’s growth.
This is one of the Achilles heels of the British economy. Its labour productivity rate (the number of services and goods produced per hour) is 7 points below the average for G7 countries. Not only has this indicator stagnated in recent years, but it even fell by 0.1% between 2023 and 2024. While the subject may not make headlines, it nevertheless reveals a worrying structural weakness.
Of course, the problem is not unique to the UK, nor is it recent. Its roots lie in the 2008 crisis, when all advanced economies suffered from sluggish productivity. But the problem « was much more marked in the UK »confirms economist Andrew Goodwin of Oxford Economics. How can we explain this delay compared to other advanced economies?
Also read‘There’s not much money left’: UK Labour prepares minds for tax hikes
The country, which is heavily dependent on finance, suffered from a fall in investment in the sector after the 2008 crisis, which…
This article is reserved for subscribers. You have 69% left to discover.
Flash Sale
€1.99 per month for 6 months. No commitment.
Already subscribed? Log in
