March 14th, 2019.

Nobel Prize winning economist Paul Krugmans declared that “While productivity isn’t everything, in the long run, it is almost everything”.

Poor productivity is seen as being one of the biggest, (perhaps the biggest), economic challenge facing the UK. The UK lags behind G7 productivity by 16 per cent, according to Close Brothers. Britain’s poor productivity record has been highlighted by government figures showing the biggest gap with other leading western economies since modern records began in the early 1990s.

Small business has a vital role to play in boosting Britain’s productivity. SMEs make up 99.9 per cent of UK businesses and have a combined turnover of £1.8 trillion. Increasing their productivity could make a huge difference to the UK’s economic output.

In fact, British small businesses understand about how technology could boost their productivity. Nearly half of UK SMEs say new technology would increase overall productivity (46 per cent), improve staff efficiency (50 per cent) and help upskill staff (43 per cent).

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