As with previous years, the upcoming Budget will once again be dominated by the UK’s sluggish productivity. Indeed, Phillip Hammond’s scope to act has already been seriously hamstrung by the Office for Budget Responsibility’s admission last month that it has persistently over-estimated Britain’s productivity over the past seven years.
The full extent of those over-estimations will become clear on Budget day. But while few people doubt the scale of the UK’s productivity problem, what’s too often overlooked is its geography.
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