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Our economic model relied on a bottomless supply of cheap workers. Firms must now invest to boost productivity, says Larry Elliott, the Guardian’s economics editor
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Excellent Larry Elliott article that should be essential reading for everyone taking a post-16 examination this summer about the importance of productivity to helping the British economy out of its current hole.
However, although Brexit has limited our ability to rely on migrant labour and our capacity to exploit cheap workers to be competitive, the issue of our relatively low productivity predates this, something recognised by the article.
The issue is that there isn't an easy solution: it's about boosting pay, adapting to our changed circumstances and reskilling our workforce, and investing in new capital, and the shame is that we haven't done any of the above for most of the past 50 years.