In its recent report, the Institute of Fiscal Studies, in addition to looking at Gordon Brown’s golden rule, uncovered some interesting facts on productivity. And alas, it was bad news for the UK. After giving the UK a score of 100, the report found that productivity in the US per worker was 22% higher and 10% higher in France.
But then take into account how hard the Brits work, and the figures are even worse. For every hour worked, the French produce 29% more, the Americans 14% more, and even the Germans on this scale produce more.
A partial explanation for this is that the pound is overvalued. And that thanks to our oil exports this has been the case for a long time.
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