Small businesses in the UK continue to be less productive compared to other countries, according to a report by the All Parliamentary Small Business Group.
The group’s findings complement recent research by the Federation of Small Businesses that shows that UK productivity levels are 17% lower than the average across the G7.
The parliamentary group has recommended 7 measures to help boost small business productivity levels:
- simplifying the business tax system and incentivising investment
- increasing access to high quality, affordable broadband
- investing in regional growth to connect regions
- supporting the knowledge transfer between higher education and the private sector
- increasing apprenticeships and funding for workplace training
- encouraging more businesses to bid for public sector contracts
- helping more businesses to export through targeted finance.
Anne Marie Morris MP, chair of the All Party Parliamentary Small Business Group, said:
“We have a lot of catching up to do in order to keep pace with other leading economies.
“Solving the UK productivity puzzle is critical to helping employers increase wages and boosting the long-term wealth and prosperity of the nation.”
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