We need a clear path to greater productivity

London, 27 January 2023: today, the Chancellor of the Exchequer, Jeremy Hunt MP, set out his vision for long-term prosperity in the UK.

Anthony Impey, CEO of Be the Business, the small business productivity champions, who attended the speech at Bloomberg, said in response:

“As the Chancellor correctly stated, poor productivity is one of this country’s greatest weaknesses and it is holding us back from growth. Yesterday’s ONS figures paint a feeble productivity picture, with output barely topping pre-pandemic levels. Similarly, the FSB’s latest data revealed that confidence among small businesses is at a new low since lockdown.

“Companies which currently lack confidence are in fact the very same “dynamic and productive companies” the Chancellor needs to make the UK the most prosperous European economy. They just need the right kind of environment – one that fosters greater opportunity for firms to boost their productivity. We know that a focus on leadership and management skills and enabling successful tech adoption are the key drivers of productivity, so let’s start there.

“I admire and applaud this government’s ambition to build a better, brighter, bolder economy – and it’s never been more important to put words into action. We, as a nation powered by small businesses, need to see the path to lead us there.”