In a bid to increase productivity — and with it the nation’s wages and profits — Chancellor Philip Hammond recently announced a Call for Evidence on the UK’s productivity, seeking views on how to boost the performance of Britain’s businesses.

The Business Productivity Review will focus on how firms across the country can take advantage of leading technologies, management practices and business support services.

Increasing productivity leads to a long-term boost to workers’ wages and businesses’ profits — a key part of the Government’s Industrial Strategy.

Through the Industrial Strategy, the Government is building on the UK’s position as one of the best places in the world to start and grow a business.

Around 1,100 businesses start every day in Britain. However, UK productivity is below the average for the rest of the G7 advanced economies.

Research from the CBI suggests that by encouraging more businesses to adopt the best tried and tested technologies available — such as cloud computing, mobile technology and e-purchasing — the UK economy could receive a £100 billion boost and see a 5% reduction in income inequality.

Business Secretary Greg Clark (pictured) said: “For centuries, Britain has been a nation of discoveries, but these new ideas haven’t always been commercialised in the UK or applied in practice.

“Now, our Industrial Strategy is ensuring that firms across the UK can take advantage of leading technologies and management practices, adding to the economy and boosting people’s earning power right across the country.”

The Business Productivity Review Call for Evidence is open until 4 July 2018, and the Government is encouraging businesses, trade associations and other interested parties to contribute their views to it.