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    April 26, 2018

    Two fascinating and seemingly disconnected stories in the media this morning but I can't help thinking that not only are they connected but actually they are a cause and effect.

    Firstly productivity is at its weakest in the UK since the 18th century. The Bank of England has trawled through hundreds of years of economic data in order to find another period where productivity growth has been as low as it has in the last ten years. To find a lower period of growth it actually had to go back t the period from 1761 to 1781. Even the late 19th century collapse known by economists as the productivity "climacteric" was not as bad as the last decade. 

    Increasing productivity is fundamental to a nations wealth, without it living standards will stagnate and fall. Productivity in the UK has been stagnant since 2007.

    The other news story is that adults spend an average of one day a week online as weekly internet use rose from 22.9 hours in 2016 to 24 hours last year. A decade ago Britons spent 12.1 hours a week online. Seven in ten now use a smartphone to access the internet which has helped to increase the time spent surfing whilst moving.

    Three in ten would like to cut the time that they spend on the internet and there has been an increase in the amount of people who have had a negative online experience.

    So, as business owners we need to be thinking about the impact of online activity on our workforce's productivity because increasing productivity will ultimately drive economic success.

     

     

     

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