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Government aims to raise levels of productivity

Posted on 26 Oct 2019 and read 867 times
Government aims to raise levels of productivityLevels of productivity in sectors of UK manufacturing — such as aerospace — are among the highest in Europe, but UK
productivity overall still lags behind major global economies.

However, the Government says that by adopting new technologies and more-efficient business practices, the productivity of companies — particularly small ones — could be increased, so it is making £43 million of investment available.

“This will allow top researchers and analysts to explore how to ‘turbocharge’ UK productivity levels via the new Productivity Institute, as well as tackle barriers such as productivity imbalances between sectors and regions, poor management practices and skills investment.”

The announcement was made earlier this month, as ministers visited new infrastructure projects across the country.

Business Secretary Andrea Leadsom said: “Productivity matters; if we produce more, we can earn more — as individuals and as a society. Today’s investment will allow us to develop pioneering software to harness the power of super-computers and create a ‘state of the art’ Productivity Institute.

"A further £45 million will be specifically invested by the Government in the development of cutting-edge super-computer software that will provide hyper-accurate weather predictions; with the potential to provide more accurate predictions, supercomputers are helping businesses plan methodically.

“Research software engineers and scientists will work together to future-proof the UK against the fast-moving changes in super-computer designs, pushing the boundaries of science and preventing compatibility issues or lags that could
pose a threat to disciplines such as weather and climate prediction, complex aircraft design and drug development.”

Named ‘ExCALIBUR’, the investment project “will ensure the UK can meet the scientific and engineering challenges of the future with maximum efficiency and safeguard future industry productivity”.

Simon Vosper, Met Office director of meteorological science, said: “ExCALIBUR will establish a national capability in scientific computer software that mirrors the real world, accelerating advances in a wide range of important areas that rely on cutting-edge computer technology.”

The Government says the £88 million of funding forms part of its Strategic Priorities Fund; it follows the Government “re-affirming its commitment to invest at least 2.4% of GDP in R&D by 2027”.