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Improving regional productivity could add £200bn to UK economy, says CBI

Published 01/12/2016

Carolyn Fairbairn says the UK is facing
Carolyn Fairbairn says the UK is facing "a unique moment in history, a true alignment between business and politics"

Increased productivity could add more than £200 billion to the economy, a report shows.

The CBI highlighted potential gains if local areas could match the best performing regions, saying jobs could be created and living standards improved.

The business group is developing regional productivity "scorecards" to assess the performance of local areas compared with the rest of the country.

CBI director general Carolyn Fairbairn said at the launch of the report in Coventry: "Some of our regions and nations have been left behind.

"There is a very real gulf in opportunities between people in different parts of the United Kingdom.

"We're facing a unique moment in history, a true alignment between business and politics.

"There's a real commitment from the Prime Minister to deliver an economy which works for everyone. Regional productivity will play a crucial role."

The CBI said the main drivers of regional productivity differences were educational attainment, transport links, management practices and firms that innovate and export.

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