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Britain has high employment levels but the amount of output produced per worker – productivity – has historically been lower than in other major economies. Britain's relative performance has been improving in recent years, with productivity now higher than Germany and moving close to France. A flexible, enterprising, and high-skilled economy will help deliver faster productivity growth and ensure the UK is well-placed to prosper in the global economy. The Pre-Budget Report announcements include:

• a package of reforms to raise the level of new home building, to improve the long-term affordability of housing, responding to Kate Barker's independent Review of Housing Supply;
  

• measures to make the UK a world-class environment for medical research and development, further strengthening the partnership with business to raise investment in UK R&D;
  

• new measures to reduce the costs on business by removing unnecessary regulatory burdens and reforms to simplify tax administration that will lead to £300 million savings for business; and
  

• publication of the interim report of the Leitch Review of Skills, highlighting the need for the UK to raise its ambition on skills levels.

Productivity - output per worker

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