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But there is often a trade-off between productivity and employment growth – and a greater proportion of people are now employed in less productive sectors.

The slowdown can be attributed both to the fact that businesses within individual sectors have seen slowing productivity growth and that more people are working in less productive sectors. However there are some remarkable success stories. For example, the West Midlands has led the way in terms of productivity growth in information and communications technology (ICT) while North West England leads in manufacturing.

We looked at the best regional performer for each sector. If this performance was replicated across the UK as a whole, this would be worth an additional £263bn to the economy, or nearly £10,000 for every UK household.