The Office for Budget Responsibility (OBR) has released figures showing that the productivity of the UK workforce fell in the three months to June. It said that low business investment, due to concerns over Brexit, was one of the main reasons for falling productivity,and predicted that this low investment outlook would persist for a number of years.
The average German worker produces more in four days than their counterpart in the UK does in five. The result is that UK workers work longer hours for lower pay than many of their peers in other countries. In addition, the UK has a rapidly aging population which will require a much stronger tax base. With fewer young immigrants coming in, it will mean that the productive population that pays for old age care will shrink, meaning poorer services or (and) higher taxes.
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