Election 2024 A productivity plan for the next UK Government JUNE 2024 Bart van Ark and Nicola Pike, The Productivity Institute Productivity has to be at the core of the next Government’s agenda To achieve this, the UK needs a broad-based and integrated set of policies. [...] • The Conservative Party highlights their The current workforce should not be left behind and commitment to increasing R&D spending feel alienated, but instead given the support to be part and supporting various sectors to enhance of and benefit from the transition to net zero. [...] Coherent policy support • The Conservative Party makes mention of and shared learning will help underpin improved a plan to increase employment and welfare productivity growth in Scotland, acknowledging the system reform, although specific details are opportunities and challenges of the transition to net not provided in the manifesto. [...] Professor Philip McCann, Co-Director of The Productivity Institute Improving trade and foreign investment • The Labour Party focuses on improving trade Skills and innovation need to be at the heart of the relations with the EU and aligning trade UK’s inward investment strategy. [...] Based on the premise that the long-term underperformance of productivity in the United Kingdom threatens a future of global excellence in economic performance and shared prosperity across the nation, The Productivity Institute’s mission is to lay the foundations for an era of sustained and inclusive productivity growth.
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- 8
- Published in
- United Kingdom
Table of Contents
- Bart van Ark and Nicola Pike The Productivity Institute 1
- Productivity has to be at the core of the next Governments agenda 2
- 1. These include supporting business investment in skills innovation and the transition to a net-zero economy. 3
- Create a stable set of economic policies geared towards growth 3
- 2. Spearhead RD initiatives and attract investment focused on addressing national challenges like infrastructure healthcare and the transition to net zero. 3
- Attract high-value investment 3
- 3. Develop policies that strengthen well-being and engage people currently out of the labour market or without a job including supporting hybrid work. 3
- Focus on inclusive growth 3
- 4. Introduce initiatives to deliver public services better and faster not just to save money but also to help people firms and places improve their productivity. 3
- Boost public sector productivity 3
- Regulate better 3
- 6. Agree better trade deals especially with the EU to ensure British firms face less cost and red tape in exporting and that foreign investment creates broader productivity gains for the economy. 3
- Improve trade and foreign investment 3
- 7. Develop a simpler and more effective business support network by consolidating existing offerings and provide grant support for larger firms to collaborate with and support smaller businesses SMEs. 3
- Streamline business support 3
- 8. Implement measures to encourage networking and knowledge sharing between businesses in the same areas. 3
- Foster collaboration for local innovation systems 3
- Invest in skills at the local level 3
- Promote coordinated policy efforts and address fragmentation 3
- Top 10 policies for the next UK Government focused on Productivity 3
- Creating a stable set of economic policies geared towards growth 4
- Attracting high-value investment 5
- A focus on inclusive growth 5
- Boosting public sector productivity 5
- Better regulation 6
- Improving trade and foreign investment 6
- Streamlining business support 6
- Fostering collaboration 7
- Investing in skills at the local level 7
- Addressing fragmentation and promoting coordination 7
- About The Productivity Institute 8
