The latest set of productivity figures show once again the UK lagging lethargically behind comparable countries. Latest figures show the weakest results for two years – and we did not start from a high point.

Productivity – the rate of output per unit of input, or in effect how much we produce something for a certain cost compared to other countries – is fundamental to the creation of wealth. Creation of wealth dictates what we can generate as a country and therefore how much we can invest in pensions, health care, schools, defence, roads and