The government sees improved productivity as the cornerstone of its Levelling Up policy.
That means supporting the private sector – the real engine of wealth creation to invest more, grow more and take more risks
Economist David Smith has warned about the slow growth rate of the economy:
We are drifting, with 1% growth in sight.
This puts us well behind the USA economy and the Eurozone.
The government’s concrete proposals are a promise to boost domestic public investment in R&D by 40%; the creation of an Advanced Research and Innovation Agency, an investment of £3bn in British Business bank Regional investment Funds and a ‘target’ of £100m investment in three innovation accelerators. In the light of cutbacks in transport the other promise – to improve transport connectivity – already looks stillborn.
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