In a classic case of putting the cart before the horse, Jeremy Warner at The Telegraph is saying we need to urgently address our "shameful" productivity problem (HERE). I agree with this but since we are likely to be out of the single market by 2019 it's a bit late to start think about how we improve productivity. We will soon face the full force of world markets.
As Mark Carney at the BoE put it we rely on the kindness of strangers for direct investment into the UK in order to keep us afloat and bridge the current account gap. We also rely on foreign companies to boost the poor productivity we have. Without the likes of Nissan and BMW our trade gap would be much wider.
Productivity improvements - even if we knew how - will take years to come through.
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