The U.K. is undergoing its worst slump in economic productivity in a quarter of a millennium, according to a study by British academics set to be released this week.
In 2018, British productivity was 19.7% below what it was before the 2008 financial crash – the largest slowdown since the Industrial Revolution between 1760 and 1800, around 250 years ago. The Great Depression during the 1930s saw productivity decline by 5.3%.
The report was co-authored by Nicholas Crafts and Terence Mills, who are professors at the University of Sussex and Loughborough University respectively. Their report will be published by the National Institute Economic Review on Feb. 6.
Productivity is economic output per hour of work and is central to increasing both national GDP and personal wages.
Some economists have said artificial intelligence and robots should be more vigorously embraced to boost overall economic productivity in the 21st Century.