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 \u2013 our greatest asset \u2013 levelling up skills and opportunity by creating a new national skills fund.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4655", "label" : {"_value" : "Biography information for Sir Simon Clarke"} } , "answeringMemberConstituency" : {"_value" : "Middlesbrough South and East Cleveland"} , "answeringMemberPrinted" : {"_value" : "Mr Simon Clarke"} , "dateOfAnswer" : {"_value" : "2020-02-13", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-02-13T12:41:57.263Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-02-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Productivity"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of trends in the level of UK productivity between 2009 and 2019.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1409", "label" : {"_value" : "Biography information for Mr Gregory Campbell"} } , "tablingMemberConstituency" : {"_value" : "East Londonderry"} , "tablingMemberPrinted" : [{"_value" : "Mr Gregory Campbell"} ], "uin" : "14629"} , {"_about" : "http://data.parliament.uk/resources/1170750", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1170750/answer", "answerText" : {"_value" : "
When considering funding for public services, including education, the government considers a range of factors as a matter of course, including the impact on regional productivity. The Government is committed to uniting and levelling up, spreading opportunity across the whole of the UK - we are looking at how best to do this and I will set out more details in due course.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4655", "label" : {"_value" : "Biography information for Sir Simon Clarke"} } , "answeringMemberConstituency" : {"_value" : "Middlesbrough South and East Cleveland"} , "answeringMemberPrinted" : {"_value" : "Mr Simon Clarke"} , "dateOfAnswer" : {"_value" : "2020-01-22", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-01-22T17:04:02.783Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-01-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Productivity"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment the Government has made of the effect of funding allocated from the public purse to education in each region on the level of productivity in those regions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/373", "label" : {"_value" : "Biography information for Sir David Davis"} } , "tablingMemberConstituency" : {"_value" : "Haltemprice and Howden"} , "tablingMemberPrinted" : [{"_value" : "Mr David Davis"} ], "uin" : "3138"} , {"_about" : "http://data.parliament.uk/resources/1148150", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1148150/answer", "answerText" : {"_value" : "
The government has not made an assessment of the proportion of productivity growth in the last five years that is attributable to financial technology.<\/p>
<\/p>
However, the Government has taken significant steps to increase competition in financial services, including creating an environment in which Fintech firms can grow and compete with incumbents. The Competition and Market Authority has led the Open Banking initiative, bringing more competition and innovation to financial services. The FCA has also established the Innovation Hub and Regulatory Sandbox to support Fintech, both of which are held up as global examples of best practice. Further information on the Government\u2019s efforts to promote Fintech can be found in the Fintech Sector Strategy, published in March 2018.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4655", "label" : {"_value" : "Biography information for Sir Simon Clarke"} } , "answeringMemberConstituency" : {"_value" : "Middlesbrough South and East Cleveland"} , "answeringMemberPrinted" : {"_value" : "Mr Simon Clarke"} , "dateOfAnswer" : {"_value" : "2019-10-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-10-08T07:55:59.87Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-10-03", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Productivity"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what proportion of productivity growth can be attributed to financial technology in the last five years.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4090", "label" : {"_value" : "Biography information for Mr Jonathan Lord"} } , "tablingMemberConstituency" : {"_value" : "Woking"} , "tablingMemberPrinted" : [{"_value" : "Mr Jonathan Lord"} ], "uin" : "294159"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 3, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }