Keynote Speech
Rt Hon Vince Cable MP
Secretary of State for Business, Innovation and Skills
Responding
Professor Jonathan Haskell, Imperial College
Nida Broughton, Chief Economist, SMF
Chair
Ian King, Sky News
After a long period of stagnation following the financial crisis, the UK economy is finally seeing sustained positive growth. But delving beneath the headline numbers shows that the UK is still suffering from a productivity problem. Output per worker is much lower than the G7 average; and, unsurprisingly, while total GDP will rise above the pre-crisis peak this year, GDP per capita is still well below it. The UK’s future prosperity – including the potential for real wages to rise and to maintain Government spending in the face of challenges such as an ageing population – depend on being able to boost productivity. The pick-up in business investment will help, but there will also be a role for Government in continuing to push forward innovation, infrastructure and skills. At this event, hosted by the SMF, Vince Cable will reflect on the prospects for the UK economy and set out his vision for Government’s role in solving the productivity puzzle.
