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<p>Closing the productivity gap represents a real opportunity for the UK to raise
its living standards. In July the Chancellor published “Fixing the Foundations: Creating
a more prosperous nation”. This report outlines a number of policies designed to improve
UK productivity over the course of this parliament.</p><br /><p>Key new measures in
the government’s productivity plan include:</p><br /><ul><li>A <strong>reformed planning
system</strong>, with streamlined ‘zonal’ system for brownfield sites, and measures
to ensure more land is made available for house building;</li></ul><br /><ul><li><strong>Simplifying
and streamlining further education</strong> qualifications and inviting local areas
to participate in the reshaping and commissioning of local provision;</li></ul><br
/><ul><li>A <strong>network of prestigious Institutes of Technology</strong>, focused
on delivering the higher level skills employers demand;</li></ul><br /><ul><li>Measures
to <strong>sharpen incentives for providing outstanding teaching</strong> <strong>to
university students</strong> and to <strong>open the higher education market to more
new entrants;</strong></li></ul><br /><ul><li>A <strong>Digital Transformation Plan</strong>
to support the adoption of digital technologies across the economy;</li></ul><br /><ul><li>A
joint FCA/PRA <strong>New Bank Unit</strong> to promote competition in banking; and</li></ul><br
/><ul><li>Building <strong>stronger trading links with emerging markets</strong>,
and mobilising the whole of government behind exporting.</li></ul><br /> <br /><p>These
policies build on the productivity improving measures announced in the Summer Budget,
examples of which include:</p><br /><ul><li><strong>Cutting the UK’s Corporation Tax</strong>
rate to 18%, the lowest in the G20;</li></ul><br /><ul><li>Setting the <strong>Annual
Investment Allowance at its highest ever permanent level</strong>;</li></ul><br /><ul><li>Creating
a <strong>Roads Fund</strong> through reforming Vehicle Excise Duty for new cars;</li></ul><br
/><ul><li><strong>Funding new apprenticeships through a lev</strong>y on large employers,
which will ensure that those who prioritise training get more out than they put in;</li></ul><br
/><ul><li>Putting higher education funding on a more sustainable footing, with <strong>maintenance
loans replacing grants</strong>;</li></ul><br /><ul><li><strong>Building a Northern
Powerhouse</strong> and ensuring the productive potential of all parts of the UK is
realised; and</li></ul><br /><ul><li><strong>Reforming Network Rail</strong> to ensure
it can deliver a faster, more reliable and more efficient railway.</li></ul><br />
<br /><p>“Fixing the Foundations: Creating a more prosperous nation” can be found
on the GOV.UK website, which is attached.</p>
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