Productivity matters to everyone: households, businesses and communities. But the UK is in a productivity slump. On average we produce a third less each hour than our French, German and US counterparts.
The Cisco Productivity Index showed the south London borough of Wandsworth had a productivity level 65 per cent higher than its industrial benchmark.
The study, which was published with Oxford Economics, examined contributing factors such as transport, employment, technology capital and academic qualifications, while removing the effect of local industries on a region’s performance.
- London boroughs dominate the top of the Index, with 15 of the 20 strongest-performing areas located in Greater London.
- Eight of the 20 weakest-performing areas are found in Wales.
- If all UK areas achieved their benchmark productivity level their contribution to the UK’s annual GDP would be an extra £140 billion.
“Technology has the potential to have the same multiplying effect in regions as it does in industry; it is the greatest lever we have to grow productivity, whether in the way it improves the efficacy of an organisation or the employability of individuals,” said Scot Gardner, chief executive of Cisco UK and Ireland.
“This index shows that there is a huge opportunity for the UK, if we collectively address local productivity levels.”