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Small firms showing the way to boost productivity

Managing Finance, Small Businesses Showing the Way to Boost Productivity - Santander UK

The Office for National Statistics has suggested that Britain's smallest businesses are doing more to fix the country's productivity problem than blue-chip companies. Firms with fewer than ten staff have had the fastest productivity growth of any business in Britain since 2009. When measured on an output-per-worker basis, productivity has risen at a faster rate among the smallest companies than bigger firms. As a result, the gap in the rate of productivity has narrowed. The gap between the biggest and smallest businesses has dropped from £12,300 per worker in 2008 to £6,000 per worker in 2015. The improvement is said to be due to the 'cleansing' effect of an economic downturn, in which unproductive firms stop trading, as well as changes to working practices.

 

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