What do you think could improve productivity in British business?
The Government is looking for ways in which the productivity of small and medium sized enterprises (dubbed SMEs) could be increased. And with many thousands of SMEs in the Sheffield City Region, your views will be valued.
It is asking for evidence about the difference in how high and low productivity businesses operate, and where interventions help. Raising productivity is one of the Government’s key priorities and core to the UK’s Industrial Strategy: https://bit.ly/2AaDJJZ. So it is looking for firm evidence from individual businesses about how things could be better.
Productivity matters because it is a key driver of economic growth, social prosperity and living standards. In the long run, a country’s ability to raise living standards is almost entirely down to its ability to raise productivity.
The UK’s overall productivity growth will in large part be determined by the performance of individual UK businesses. For a business, productivity improvements mean they are becoming more efficient over time and can increase their profits, whilst for workers, productivity growth can lead to higher wages.
Productivity can be measured in different ways. This review focuses on labour productivity, which is the measure of productivity most commonly used by the Office for National Statistics (ONS), and by academics and other commentators. Labour productivity is usually defined as the amount of output per worker or per hour worked.
How to send in your evidence:
- Visit the consultation hub to submit your response online by 6 July when it closes: https://bit.ly/2Jvx8PM
- Email responses should be sent to: businessproductivityreview@beis.gov.uk
- Written responses should be sent to: Business Productivity Review, The Department for Business, Energy and Industrial Strategy (4th floor spur) 1 Victoria Street London SW1H 0ET