Budget 2017 - PwC comments on productivity

Published at 14:27 PM on 08 March 2017

Andrew Sentance, senior economic adviser at PwC, comments on the Budget implications for productivity: 

“When economists think about the interventions which government can undertake to boost productivity, there are a relatively small number of key issues which research suggests might make a difference: R&D/innovation; education and skills; and transport infrastructure. This Budget and the previous Autumn Statement aim to provide support in all three areas.

“Support for vocational and technical education was particularly welcome. The new system of T-levels and an extra £500 million of investment start to address a historic weak point in the UK’s training and education system.

“There are clear economic benefits to this investment - our Young Workers Index found that the UK could boost its GDP by around £45 billion by reducing the number of 20-24 year olds not in employment, education or training (NEET) to match Germany, the best performing EU country.

“Earmarking some of the additional investment already announced in the Autumn Statement for research talent, including 1,000 new PHD places on STEM subjects and a £690 million competition for local authorities to tackle urban congestion, complete Hammond's three pronged attack on UK productivity levels - in addition to the measures already announced in last year's Autumn Statement.”


For full Budget coverage please visit pwc.co.uk/budget

For further information please contact Tilly Parke: [email protected] / 020 7804 8761.


About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2016 PwC. All rights reserved

« Budget 2017 - Government support for returnships could provide £1.7bn boost to economy | Homepage | Budget 2017 - PwC comments on public sector and education measures »

  • Contact us
  • +44 (0) 20 7213 1768

Specific and out of hours contacts