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<p>Labour productivity in the UK is just 2.4% above its pre-crisis peak. Productivity
growth has slowed globally since the crisis but in the UK this slowdown has been more
pronounced - across the G7 productivity growth has slowed from 1.9% per year in the
decade to 2007 to just 0.8% since. In the UK, by comparison, it has fallen from 2.3%
pre crisis to 0.3% since. To level up growth we will continue to invest responsibly
including increased investment in infrastructure - connecting the country and businesses
by road, rail and broadband and committing to our target of 2.4% of GDP being spend
on R&D. We will also continue to invest in people – our greatest asset – levelling
up skills and opportunity by creating a new national skills fund.</p>
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