Government review to help business embrace new technology and boost wages and profits. This review will help better understand the factors affecting the productivity of UK business.
In a bid to increase productivity and with it the nation’s wages and profits, Chancellor Philip Hammond announced a Call for Evidence on the UK’s productivity, seeking views on how to boost the performance of Britain’s businesses.
The Business Productivity Review will focus on how firms across the country can take advantage of leading technologies, management practices and business support services. Increasing productivity leads to a long-term boost to workers’ wages and businesses’ profits – a key part of the government’s modern Industrial Strategy.
The Chancellor also announced £20 million government investment for the Made Smarter pilot scheme aimed at boosting productivity and growth in the north west.
The industry-led pilot will help up to 3,000 small and medium-sized manufacturers become more competitive through greater use of digital technology in the manufacturing process and in supply chains.
Made Smarter is another way the government is building a Northern Powerhouse and is the first initiative of the Made Smarter Commission that was launched by the Business Secretary in February as part of the Industrial Strategy following Juergen Maier’s independent review of digital technology in the UK manufacturing sector.
The Business Productivity Review Call for Evidence is now open until 4 July 2018 and the government encourages businesses, trade associations and other interested parties to contribute their views to it.
For the latest manufacturing news straight to your inbox, join the Manufacturing Network.