The productivity of British workers has increased at the fastest rate in more than six years.
Labour productivity, or economic output per hour worked, grew by 0.9% in the three months to September 2017, the Office for National Statistics said.
When fewer people work fewer hours but economic output holds steady, efficiency levels naturally rise, Philip Shaw, chief economist at City bank Investec, said.
Should Britain’s productivity levels show further signs of progress, it will be likely to spark a robust debate about how the gains from that progress are shared. Trade unions have warned the greater use of technology in the workforce, which stands to boost efficiency, should not come at the expense of employment and growth in workers’ pay. The UK is forecast to have the lowest pay growth in the OECD for 2018, as sluggish salary increases fail to keep pace with rising inflation.
Labour productivity, or economic output per hour worked, grew by 0.9% in the three months to September 2017, the Office for National Statistics said.
When fewer people work fewer hours but economic output holds steady, efficiency levels naturally rise, Philip Shaw, chief economist at City bank Investec, said.
Should Britain’s productivity levels show further signs of progress, it will be likely to spark a robust debate about how the gains from that progress are shared. Trade unions have warned the greater use of technology in the workforce, which stands to boost efficiency, should not come at the expense of employment and growth in workers’ pay. The UK is forecast to have the lowest pay growth in the OECD for 2018, as sluggish salary increases fail to keep pace with rising inflation.
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