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Whilst weak productivity is a global phenomenon, it is particularly acute in the UK, where it is only slightly higher now, than it was at the end of 2007.

The most productive area of the UK remains almost three times more productive than the least. As we navigate our future, the fact that we lag some way behind global competitors in productivity – including countries such as the United States, Germany and France – highlights the need for much greater collaboration between central and local government leaders and business. Industrial strategy must unlock economic growth across the entirety of the UK.