Britain’s faltering productivity is a “major risk” that could derail the country’s economic recovery, a new study has warned.
Accountancy firm BDO reveals that the level of workers’ output per hour has not budged since 2007, a situation that has baffled economists and politicians alike. Indeed, analysts claim the problem is “unique among advanced economies”.
Peter Hemington, a partner at BDO, said: “Productivity ultimately determines our prosperity so it is a crucial area that must be addressed.” He called on policymakers of all persuasions to work together to solve the problem.
The productivity puzzle could provide a wealth of opportunity for contractors who are perfectly poised to deliver projects on time and on budget. Freelancers are also able to provide businesses with short-term access to key skills, ensuring firms remain flexible and competitive at all times.
Meanwhile, BDO’s study found that the hiring intentions of UK employers have reached “sky-high levels”, perhaps further boosting assignment opportunities for contractors. Recruitment activity is now said to be stronger than during the mid-2000s, a situation that shows no sign of abating anytime soon.
Business confidence is also on the rise, with optimism levels remaining well above the 100 mark that signifies long-term growth.
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