BusinessCompany NewsPoor productivity costs Treasury £111bn

Poor productivity costs Treasury £111bn

The UK workforce is only economically productive on 115 out of 225 possible working days, costing the UK Treasury billions in lost revenue, new research has revealed.

Link: UK companies miss ebusiness boat

Compared to other leading nations, the UK fared poorly, with France having 128 productive days, the US on 142 days and Germany with the most productive global workforce at 145 days.

UK productivity was hit by poor planning and controlling of work, which the report claimed was getting worse. Furthermore, IT problems increased from 7% to 10% as a cause for loss of productivity to British companies, while poor morale and poor management of the workforce were also significant factors.

These results were based on a survey of nearly 1,400 companies in nine countries and a poll of 2,700 chief executives undertaken by Proudfoot Consulting.

Kevin Parry, Proudfoot Consulting chairman said: ‘This report shows many British firms are still only working at just over half their true capacity.’

‘This collective underachievement is not only costing shareholders and the nation dearly, it’s also adversely affecting our global economic competiteveness.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor